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6/21, 1:52 AM (Source: TeleTrader)
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S. Arabia to restart $1.5B oil aid to Pakistan - report

Saudi Arabia and Pakistan have reached a new oil deal worth at least $1.5 billion a year, which will take effect in July, the Financial Times reported, citing its Islamabad sources.

The deal is a part of Riyadh's broader strategy to "build a front against Iran" with Pakistan, the United States, and Qatar, the report explained.

While "bad blood" accumulated between Saudi Arabia and Pakistan in the past, the recent meetings between the country's leaders "cleared the air," and made it possible for the accord to be struck, the outlet's source concluded.

Breaking the News / BU