The heads of the International Monetary Fund, World Bank and International Energy Agency have warned that prolonged disruption to shipping through the Strait of Hormuz could threaten global fuel supplies and economic stability.
In a joint statement, the three institutions said oil stockpiles are being depleted at an unprecedented rate as markets respond to the sharp reduction in supplies moving through the strategic waterway.
“Global oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz,” the heads of the agencies said.
They warned that the situation could become more serious as summer demand rises across the Northern Hemisphere.
“If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience.”
