ISLAMABAD – Pakistan economy may face a worst blow and nightmare likescenario as the oil prices in the international market are set to touch$100 per barrel.

Pakistan may have to bear an additional bill for billions of dollars if theinternational oil prices reach $100 billion mark as over 80% of Pakistanoil needs are met with imported oil and fuel.

Almost 2 million barrels per day (bpd) of crude could be taken out of themarket as a result of the U.S. sanctions against Iran by the end of thefourth quarter this year, said Daniel Jaeggi, president of commoditymerchant Mercuria Energy Trading, making a crude price spike to $100 abarrel possible.

Such a price rally would mark the first time since the summer of 2014 thatoil would return to the $100-a-barrel level that became the norm in theearly part of this decade

“We’re on the verge of some significant volatility in Q4 2018 becausedepending on the severity and duration of the Iranian sanctions, the marketsimply does not have an adequade supply response for a 2 million barrel aday disappearance of oil from the markets,” Jaeggi said.

Washington has already implemented financial sanctions against Iran and itplans to target the country’s oil exports from November 4, putting pressureon other countries to also cut Iranian crude imports.