00:01Global financial and energy leaders are urging governments not to worsen disruptions in the global market.
00:08On Monday, the International Monetary Fund, World Bank, and International Energy Agency warned against hoarding supplies or imposing export controls.
00:17They said those moves could worsen what they called the biggest shock ever to hit the sector.
00:22After a joint meeting, IMF Managing Director Kristalina Gyorgeva appealed for restraint as many regions struggle with supply shortages.
00:31Do no harm. The first principle should be don't impose export restrictions that are only making the disequilibrium worse.
00:42Gyorgeva said she has been speaking with countries across Asia, Sub-Saharan Africa, and the South Pacific, where fears over
00:49energy access are growing.
00:51IEA Chief Fatih Birol said some countries are not using emergency stock releases as intended.
00:57These stocks we release is for the markets, for the countries to make use of their energy use.
01:03But some countries are unfortunately adding these stocks to their existing stocks, and at the same time setting some export
01:11restrictions.
01:13And this is definitely not comforting the markets.
01:17The pleas come as the U.S. military has begun blocking ships leaving Iran's ports.
01:22Meanwhile, Tehran has threatened retaliation after talks to end the war broke down over the weekend.
01:29Oil prices jumped back over $100 per barrel after that, though they have since eased lower again on hopes for
01:36renewed dialogue.
01:37Since the conflict began on February 28th, crude prices are up around 50%, with gas and fertilizer prices also rising,
01:46fueling concerns about food security and job losses.
01:49The IMF and World Bank now expect slower global growth and higher inflation as a result of the war.
01:56Birol said the IEA had already released about 400 million barrels of oil from its reserves and is prepared to
02:03take further action if needed.
02:05The IMF and World Bank now expect more than 200% to get further action if needed.
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