"I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market."
"This week, oil prices hit their highest levels since mid2022 amid concerns of prolonged shipping disruptions linked to the war and reduced output from some key producers in countries that have been targeted by retaliatory Iranian strikes."
"The Strait of Hormuz, a critical Gulf waterway through which about one-fifth of the world's oil supplies passes, has effectively been shut down as a result of the war. If this drags on, it is not just going to be energy prices that are affected."
The International Energy Agency is holding an emergency meeting to evaluate global energy security as the US-Israeli war on Iran disrupts markets. Oil prices reached their highest levels since mid-2022 due to shipping disruptions and reduced output from targeted producers. The Strait of Hormuz, through which one-fifth of global oil supplies pass, has effectively closed. While prices fell below $90 per barrel late Monday, uncertainty remains about conflict duration and economic impacts. The IEA may release emergency stocks to stabilize markets. This follows G7 discussions on market stabilization, with European governments concerned about repeating the 2022 energy crisis triggered by Russia's Ukraine invasion.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]