Record decline in oil stocks amid Strait crisis
The global oil market is facing significant risks due to record-breaking declines in oil inventories and the threat of shipping disruptions through the Strait of Hormuz, which accounts for approximately one-fifth of worldwide oil and liquefied natural gas supplies. The heads of the International Monetary Fund, the World Bank, and the International Energy Agency have warned that ongoing disruptions to navigation could lead to market instability and higher costs, especially as the summer peak demand season approaches. This situation poses a risk of depleting inventories and pushing fragile economies into serious financial challenges.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)