Today's Edition
ABU DHABI (ALETIHAD)
The heads of the International Energy Agency, International Monetary Fund, World Bank Group and the World Trade Organisation 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.
“[Global] oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz. 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.
The institutions also explored options to "further enhance collective support through multilateral and bilateral actions," it added.
“We highlighted the importance of closely monitoring fertiliser supply chains, energy and economic developments as well as policy responses. In this regard, we are tracking and analysing measures taken by governments to address the economic impact of the conflict, with a view to promoting transparency, sharing lessons, and identifying emerging risks," the statement said.
