Talks under way with Saudi Arabia on higher oil flows: oil minister

Pakistan is in talks with Saudi Arabia to increase the flow of petroleum products to the country in order to serve shared economic interests and secure Islamabad’s growing energy needs, Pakistani Oil Minister Ali Pervaiz told Al-Eqtisadiah.

Pervaiz said that Pakistan, as a net energy importer with a bill ranging between $15 billion and $20 billion, seeks to strengthen its strategic partnership with Saudi Arabia in the energy and mining sectors and looks forward to benefiting from the Kingdom’s vast hydrocarbon potential.

“As I meet the honorable ministers in the Saudi government, I will look into further increasing the flow of hydrocarbons into Pakistan from the Kingdom of Saudi Arabia,” Pervaiz said. 
Speaking on the sidelines of his participation in the Future Minerals Forum hosted in Riyadh, the minister said the timing of the event is ideal given the pivotal stage the world is going through and the rising demand for vital minerals amid ongoing technological development.  

He noted that the conference represents a vital platform for discussing opportunities to establish new mines and mobilize the capital needed to operate them, particularly as production from existing mines declines and price volatility increases due to global conflicts, making international cooperation an urgent necessity for the stability of this vital sector.

“The demand for critical minerals is increasing; there is a lot of conflict in the world, which is adding to the volatility in the prices,” Pervaiz said.

He added: “The existing mines are on the wane, on the decline, and this forum will provide an opportunity for potential new mines to come into discussion and for capital to be mobilized in operationalizing those mines.”

Regarding bilateral relations, Pervaiz stressed that ties between Riyadh and Islamabad have reached unprecedented levels of strength and depth, citing the numerous meetings between Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman, which he said have exceeded 12 since Sharif took office three years ago.

He added that there is a clear governmental mandate for working groups in both countries to build a comprehensive framework for economic cooperation, with a particular focus on the mining sector, which he described as one of the main pillars of future projects currently under review.

The minister said Pakistan is expecting to host a high-level Saudi delegation at the Pakistan Minerals Investment Forum 2026, noting that the event is expected to see the signing of several agreements and memoranda of understanding aimed at advancing cooperation in geological studies and mining sector development.