Global agencies warn of summer fuel shortages if Hormuz disruption continues

Global agencies warn of summer fuel shortages if Hormuz disruption continues 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.