IEA, IMF, World Bank, WTO meet to discuss Iran war impact
- If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand
Top global economic and energy bodies met to address the Middle East war's impact, warning of fuel security risks from disrupted shipping and depleting oil inventories.
- Impact of Middle East war on global economy.
- Fuel security risks from disrupted shipping.
- Depleting global oil inventories.
The heads of the International Energy Agency, International Monetary Fund, World Bank Group and the World Trade Organization met on Thursday to discuss their institutions’ response to the impacts of the war in the Middle East, they said in a joint statement on Friday.
“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,” the institutions said, referring to the blockade in the Strait of Hormuz.
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The institutions also explored options to “further enhance collective support through multilateral and bilateral actions,” it added.
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