US Refinery Boom Fails to Quell Global Fuel Shortage, Oil Prices Remain Elevated

U.S. refineries are operating at pre-pandemic levels, producing record amounts of gasoline and diesel, with refining margins at all-time highs. However, global fuel shortages continue, exacerbated by geopolitical events like U.S.-Israel strikes on Iran, which have kept crude oil prices elevated. The market remains focused on crude prices, despite the more critical issue of fuel availability. This sustained pressure on crude oil prices could contribute to global inflationary concerns, potentially supporting gold as an inflation hedge and impacting Pakistan's import bill, thus influencing USD/PKR.

بحوالہ / Source: oilprice.com