The International Monetary Fund, World Bank and International Energy Agency are urging countries to avoid hoarding energy supplies or imposing export restrictions, warning such moves could deepen what they describe as the biggest shock ever to the global energy market.
IEA chief Fatih Birol said some countries are holding back energy stocks, calling on governments to let supplies flow freely. IMF Managing Director Kristalina Georgieva stressed that export controls risk worsening global imbalances, especially for countries already facing shortages.
The warning comes as tensions escalate in the Middle East, with oil prices surging above $100 per barrel and disruption around the Strait of Hormuz threatening nearly 20% of global oil and LNG flows.
The three institutions say the crisis could drive higher inflation, slower growth, and rising risks to food security and jobs — with no country immune