Global Agencies Raise Fresh Concerns
The International Monetary Fund, World Bank and International Energy Agency have warned of possible fuel shortages this summer.
The agencies issued the warning in a joint statement.
They said disruptions in the Strait of Hormuz continue to threaten global energy supplies.
According to them, shipping traffic must return to normal quickly.
Otherwise, fuel markets could face serious pressure.
Oil Supplies Under Strain
The agencies said global oil inventories are falling rapidly.
They linked the decline to reduced shipments through the Strait of Hormuz.
The waterway handles a significant share of global oil and gas exports.
As a result, any disruption affects international energy markets.
The organisations warned that falling stockpiles could create supply risks.
They also noted that market stability remains under threat.
Vulnerable Countries Face Greater Impact
The agencies said rising energy prices are hurting many developing economies.
Low-income countries face the greatest challenges.
In addition, fertiliser prices have surged in recent months.
This trend worries policymakers and agricultural experts.
Many countries are entering their planting season.
Therefore, higher fertiliser costs could affect food production.
The agencies warned that food security risks may increase.
Strait of Hormuz Remains Critical
The Strait of Hormuz is one of the world’s most important shipping routes.
Nearly one-fifth of global oil and liquefied natural gas supplies pass through the corridor.
Iran restricted shipping activities in the area after military strikes by the United States and Israel in late February.
Since then, concerns over global energy supplies have intensified.
Consequently, governments and international institutions continue to monitor developments closely.
International Coordination Expands
In April, the IMF, World Bank and IEA formed a joint response group.
The initiative aims to coordinate support for vulnerable economies.
It also seeks to address the wider economic effects of the crisis.
The agencies said cooperation remains essential during the period of uncertainty.
IMF Cuts Growth Outlook
At the IMF Spring Meetings, Managing Director Kristalina Georgieva discussed the economic impact of the conflict.
She said the crisis had weakened global growth prospects.
As a result, the IMF revised its growth forecast downward.
Georgieva also estimated that vulnerable economies may need between $20 billion and $50 billion in financial assistance.
She stressed that additional support could help countries manage rising economic pressures.
