Saudi oil facility attack termed 9/11 of the energy world, may shatter economy of Pakistan: Zahid Hussain.

• Position: Presidents of Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, senior vice chairman of the businessmen panel of Federation of Pakistan Chambers of Commerce & Industry

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the crisis in the middle east can destabilize the whole world if it is allowed to continue. It can also wipe out all the gains achieved by Pakistan on the economic front as an attack on the most important oil facility in the world is being dubbed as 9/11 of the energy world, he said.

Mian Zahid Hussain said that attack on Saudi oil facility has disrupted five percent supply but prices jumped 19.5 percent and if tensions continued it can result in a global crisis.

Talking to the business community, the veteran business leader said that Saudi oil production has been reduced by 5.7 million barrel per day while the kingdom has not announced any date for resumption of operations which has added to the anxiety.

The former minister noted that tensions can hit oil importing countries hitting their forex reserves, import bill, balance of payments, prices and currency. He said that an increase of five dollars in the oil price will increase the oil import bill for Pakistan by 1.25 billion dollars as our 26 percent imports are oil-based.

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