- The International Monetary Fund confirmed diesel and jet fuel shortages due to the war in Iran.
- A 13pc reduction occurred in the daily flow of the worlds oil.
- A 20pc cut affected liquefied natural gas flows.
- Ship traffic through the Strait of Hormuz stayed below 10pc of normal volumes on Thursday.
- High fertiliser prices contribute to food insecurity for another 45 million people globally.
Jet fuel shortage will persist for many months , IMF director Kristalina Georgieva hjas said. She specifically mentioned shortages in refined oil products diesel and jet fuel.
The conflict has tested the global economy with a 13pc reduction in the daily flow of the worlds oil and a 20pc cut in liquefied natural gas which have sent energy prices soaring while disrupting supply chains.
On Thursday ship traffic through the strait was below 10pc of normal volumes despite a US Iran ceasefire agreed this week as Tehran asserted its control. Hundreds of tankers have remained unable to get through since the war began on 28 February.
The International Monetary Fund has downgraded its forecast for global economic growth. High fertiliser prices contribute to food insecurity for another 45 million people globally which takes the total number of people in hunger to more than 360 million. Kristalina Georgieva confirmed that there is no quick fix to supply disruption and elevated fossil fuel costs.
Kristalina Georgieva shared “Even in a best case there will be no neat and clean return to the status quo ante. The fact is we do not truly know what the future holds for transits through the Strait of Hormuz. Longer run expectations have not budged.”
