{"id":755,"date":"2026-04-29T15:22:32","date_gmt":"2026-04-29T15:22:32","guid":{"rendered":"https:\/\/diplomag.com.pk\/?p=755"},"modified":"2026-04-29T15:22:39","modified_gmt":"2026-04-29T15:22:39","slug":"us-iran-war-hit-growth-oil-bill-surged-to-800m-pm-shehbaz","status":"publish","type":"post","link":"https:\/\/diplomag.com.pk\/index.php\/2026\/04\/29\/us-iran-war-hit-growth-oil-bill-surged-to-800m-pm-shehbaz\/","title":{"rendered":"US-Iran war hit growth, oil bill surged to $800m: PM Shehbaz"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>ISLAMABAD<\/strong>: Prime Minister Shehbaz Sharif on Wednesday said that the war in the Middle East had impacted Pakistan&#8217;s growth, with the oil bill surging to $800 million weekly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chairing a federal cabinet meeting in Islamabad, the prime minister said that Pakistan was heading towards a growth trajectory after achieving macro-level stability, but the US-Iran war had impacted the collective efforts of the past two years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PM Shehbaz stated that crude oil prices were once again soaring, &#8220;We have to determine new prices by this coming Friday. The current global market situation presents a major challenge. However, thanks to collective foresight and joint efforts, we have made significant attempts to manage this situation more effectively.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;I would like to congratulate Minister of Petroleum Ali Pervez Malik and the entire team for their collaborative efforts in implementing effective measures. As a result, unlike other countries, we did not face long queues or the need for rationing. Overall, the situation has been satisfactory,&#8221; he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prime minister further explained that global market prices reflect the extent of the challenge. &#8220;Before the war, our weekly oil bill was approximately $300 million, which has now surged to $800 million. We are continuing our efforts to save, and in recent days, we have seen positive progress, with our consumption significantly reduced compared to last week.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking about payments to the UAE, the prime minister said, \u201cOur outstanding external debts (including approximately $3.5 billion in bilateral loans) have, thank God, been paid off. Our foreign exchange reserves are also stable at their current level, and we have made our debt repayments.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We are extremely grateful to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for playing a key role in this matter. I am confident that these major issues will also be resolved. Pakistan\u2019s efforts for peace continue, and there has been no reduction in them,&#8221; he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He further mentioned that he had directed the committee working with the provinces to continue consultations for a month to ensure that the subsidies being provided could be maintained.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prime minister also updated the cabinet on Pakistan\u2019s diplomatic engagement, which led to talks between Washington and Tehran in Islamabad. &#8220;The talks between Iran and the US that took place on the night of April 11 lasted nearly 21 hours. It was a long marathon session. Pakistan made sincere and concerted efforts to bring peace to the region,&#8221; he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He also commended the Chief of Army Staff and Chief of Defence Forces, Field Marshal Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, and other key figures who played a significant role in these efforts. &#8220;As a result of these efforts, the ceasefire was extended, and it remains in effect.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regarding Iran\u2019s Foreign Minister Abbas Araqchi&#8217;s visit with his team for the second round of talks, PM Shehbaz said, &#8220;Important meetings were held during his visit. Before his trip to Russia, I had a phone conversation with him in which he assured me that all his meetings in Oman were conducted with sincerity, and after consulting with their leadership, they will give a positive response soon.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said that the war in the Middle East had impacted Pakistan&#8217;s growth, with the oil bill surging to $800 million weekly. Chairing a federal cabinet meeting in Islamabad, the prime minister said that Pakistan was heading towards a growth trajectory after achieving macro-level stability, but the US-Iran war [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":556,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[52,51],"class_list":["post-755","post","type-post","status-publish","format-standard","has-post-thumbnail","category-china","tag-iran","tag-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US-Iran war hit growth, oil bill surged to $800m: PM Shehbaz - Diplomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diplomag.com.pk\/index.php\/2026\/04\/29\/us-iran-war-hit-growth-oil-bill-surged-to-800m-pm-shehbaz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US-Iran war hit growth, oil bill surged to $800m: PM Shehbaz - Diplomag\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said that the war in the Middle East had impacted Pakistan&#8217;s growth, with the oil bill surging to $800 million weekly. 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