Several international organizations, including the International Monetary Fund (IMF) and the World Bank, warned on Friday that oil shortages could emerge this summer unless shipping traffic through the Strait of Hormuz returns to normal levels.
“Global oil inventories are declining at a record pace due to the significant loss of deliveries” from vessels transiting the Strait of Hormuz, the IMF, the World Bank, the International Energy Agency (IEA), and the World Trade Organization (WTO) said in a joint statement following a meeting of their respective heads.
“If maritime transport does not return to normal, a rapid and sustained decline in global inventories ahead of peak summer demand in the Northern Hemisphere would represent an increased risk to energy security (…) and, more broadly, to economic resilience,” the organizations warned in their statement.
The warning highlights growing concerns over the impact of continued disruptions in one of the world’s most important energy transit routes, as policymakers and markets closely monitor developments in the region.
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