KARACHI; In a major development following a new bilateral trade agreement, Pakistan’s largest oil refiner, Cnergyico, will import one million barrels of US crude oil in October, marking the country’s first-ever purchase of American oil. The shipment, consisting of West Texas Intermediate (WTI) light crude, will be loaded from Houston this month and is expected to arrive in Karachi in the latter half of October.
Cnergyico Vice Chairman Usama Qureshi confirmed the development, describing the cargo as a “test spot” order under a broader term agreement with global energy trader Vitol. “If this proves commercially viable and if supply remains steady, we may consider importing at least one cargo per month,” he said.
The move comes shortly after Pakistan’s Finance Minister, Senator Muhammad Aurangzeb, held high-level trade talks in Washington with US Commerce Secretary Howard Lutnick and Trade Representative Ambassador Jamieson Greer, culminating in a breakthrough trade agreement.
While detailed terms of the deal have not been made public, Pakistan’s Ministry of Finance said the agreement would lead to a reduction in reciprocal tariffs, particularly on Pakistani exports to the United States. The ministry noted that the trade pact is aimed at deepening economic cooperation, expanding market access, and attracting investment, particularly in sectors such as energy, technology, and infrastructure.
Announcing the agreement on social media, US President Donald Trump stated, “We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves.” He added that both sides are in the process of selecting the energy company that will lead joint exploration and development efforts.
Beyond oil, the partnership will also cover energy, minerals, information technology, cryptocurrency, and other strategic sectors. The Ministry of Finance stated that the agreement is expected to significantly improve trade volumes and attract US investment into Pakistan’s development projects.
Speaking to national television, Finance Minister Aurangzeb emphasized that the agreement represents a new chapter in US-Pakistan relations. “This deal reflects a broader economic and strategic partnership that’s now taking shape,” he said. He credited both public and private stakeholders for their role in reaching the agreement and highlighted the importance of continued support for the private sector in addressing trade imbalances.
According to the Office of the US Trade Representative, total goods trade between the US and Pakistan reached $7.3 billion in 2024, up from $6.9 billion in 2023. However, the US trade deficit with Pakistan also increased to $3 billion in 2024 — a 5.2% rise from the previous year.
The historic crude import signals a new phase in Pakistan-US economic ties and opens the door for further energy cooperation in the coming months.
