Europe to Release 42 Million Barrels of Oil to Curb Prices

European governments plan to release 42 million barrels of emergency oil stocks over the next three months, with half being diesel, to combat rising fuel prices ahead of winter. France alone will contribute 10 million barrels of diesel, expected to reach markets soon at cost, potentially reducing prices by 12-18 cents per liter. This significant supply injection aims to stabilize energy costs. A sustained drop in crude oil prices could ease global inflation pressures, potentially reducing gold's appeal as an inflation hedge and easing pressure on Pakistan's import bill and the PKR.

بحوالہ / Source: oilprice.com