The International Energy Agency (IEA) states its member countries still hold over 1 billion barrels of emergency oil stocks, even after releasing a record 290 million barrels since March 11. This release, part of a 400 million barrel agreement, aimed to counter crude price surges from the US-Israeli war with Iran. Oil prices recently edged higher due to ongoing geopolitical tensions and Houthi threats, despite a significant 41.3% slump in China's June crude imports. Sustained high oil prices could contribute to global inflation, potentially increasing the appeal of gold as a hedge and exerting pressure on Pakistan's import bill and the USD/PKR rate.
بحوالہ / Source: www.brecorder.com