00:00Global financial and energy bodies urge governments to avoid hoarding supplies or imposing export controls.
00:08International Monetary Fund, World Bank and International Energy Agency says these measures could worsen what is already the most severe
00:17shock to global energy markets.
00:21IEA Chief Fateh Birol called for energy supplies to move freely across international markets, and the Middle East conflict had
00:28damaged more than 80 oil and gas facilities across the region.
00:33Birol noted that conditions had deteriorated significantly in March and warned that the situation was expected to become even more
00:40challenging in the coming weeks.
00:42Meanwhile, IMF Managing Director Kristalina Georgieva said vulnerable regions including parts of Asia, Sub-Saharan Africa and Pacific Island nations
00:53were already facing growing concerns over energy access and stability.
00:57The three organisations confirmed that they would coordinate their responses to the conflict, which began on February 28, and had
01:04driven global oil prices up by 50%.
01:07The IEA had already released 400 million barrels of oil, equivalent to around 20% of its reserve to help
01:15stabilise markets.
01:16Birol said he hoped further releases would not be required, but confirmed that the agency stood ready to act quickly
01:22if conditions continued to worsen.
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