The International Energy Agency (IEA), the International Monetary Fund (IMF), the World Bank (WB), and the World Trade Organization (WTO) have issued a joint statement regarding disruptions in oil transport through the Strait of Hormuz.
The statement warns that the current situation poses significant risks to global energy supply and economic stability. It notes that worldwide oil inventories are declining at a record pace, a trend that could become more severe during the summer months in the Northern Hemisphere when demand typically increases.
The organizations caution that, unless supply levels return to normal, continued depletion of reserves could negatively affect fuel security, market stability, and overall global economic resilience.
