Ongoing disruptions in oil transportation through the Strait of Hormuz pose increasing risks to global economic stability and energy supply.
Modern.az reports that this was stated in a joint statement by the heads of the International Energy Agency (IEA), the International Monetary Fund (IMF), the World Bank (WB) and the World Trade Organization (WTO).
It is reported that global oil reserves are decreasing at a record rate due to the current situation in the Strait of Hormuz.
"Until supply volumes return to normal levels, the continued rapid depletion of global oil reserves ahead of the peak summer oil demand in the Northern Hemisphere will create increasing risks for fuel security, market conditions and the sustainability of the economy as a whole," the statement emphasized.
