The IMF, the World Bank and the International Energy Agency have made a joint appeal to governments to avoid the accumulation of energy reserves and export restrictions, warning that the disturbance in the global energy market will deteriorate. The head of the IOC, Fatih Birol, stressed that the solution is the free movement of stocks. The IMF's Kristalina Georgieva highlighted the impact on the vulnerable countries of Asia, Africa and the Pacific. Ursula von der Leien announced that EU fossil fuel import costs increased by 22 billion euros in 44 days, while oil prices reached $100 a barrel.
Analyticalally:
The three organisations stress the need for international cooperation and coordinated policies to ensure market stability.
The leaderships of the International Monetary Fund (IMF), the World Bank and the International Energy Agency (IEA) made a joint appeal to governments worldwide to avoid the accumulation of energy reserves and the imposition of export restrictions, warning that such practices may exacerbate the greatest disturbance ever recorded on the world market Energy.
As quoted in aljazeera, following a summit meeting, the head of the IEA, Fatih Birol, stressed that several countries are already moving towards storing energy resources and export restrictions, which distorts the functioning of the market. As he said, the solution to the present crisis is not the isolation of markets, but the strengthening of availability through the free movement of stocks.
«We call on all countries to allow energy reserves to flow to international markets», stressed, without naming specific states.
Concern for the most vulnerable economies
For its part, IMF chief Kristalina Georgieva placed particular emphasis on the impact these practices have on the most vulnerable countries. As he noted, economies in Asia, Sub-Saharan Africa and small island states of the Pacific face serious energy adequacy risks.
«First don't hurt», stated features, calling on governments to avoid policies that may increase shortages and increase prices.
According to international organisations, stockpile and export restrictions create artificial shortages, leading to price increases and enhancing volatility in energy markets. This phenomenon mainly affects countries with limited access to energy resources and low negotiating power.
EU accelerates transition to renewables
The President of the European Commission, Ursula von der Leien, warned that Europe is called upon to face the consequences of excessive dependence on fossil fuels, while international instability is intensifying. As she pointed out, within just 44 days of the start of the US and Israel attacks on Iran in late February, the cost of importing fossil fuels for the EU increased by more than 22 billion euros. This increase occurred without any additional energy supply, which demonstrates the structural vulnerability of the European external shock energy market.
Within this environment, von der Leien stressed that the EU's carbonization strategy is now becoming even more urgent. He stressed that Europe already has significant production of electricity from renewable sources and nuclear energy, which he described as «domestic» and reliable. As he noted, the aim is to strengthen an energy model that will be affordable, safe and less dependent on unstable international factors.
The European Commission preparing to present next week a comprehensive strategy to reduce the economic impact of the crisis. At the heart of the initiative is better coordination between Member States, both to strengthen natural gas reserves and to exploit strategic oil reserves. At the same time, greater flexibility is being considered in State aid rules, with the aim of supporting investment in the energy sector, and emphasis being placed on the need to adopt additional energy-saving measures.
Almost $100 a barrel.
Oil prices retreated again, after rising for a little over $100 a barrel, as Donald Trump claimed Iran had come into contact and wanted «very desperately» to reach an agreement, despite the exclusion of the Strait of Hormuz.
The price of crude Brent oil internationally rose above the basic psychological limit earlier in the day, at some point by 6.9% to $101.70 a barrel, after news of the American president's plan to block the waterway for Iranian maritime traffic.
However, he later retreated in just over $99 a barrel, after Trump said the blockade had come into effect and the Iranians then contacted him.
In detail the joint statement by the IMF, World Bank and ILO
«As we noted earlier this month, the impact of the war is significant, global and extremely asymmetric, disproportionately affecting energy importers, especially low-income countries. The shock has led to higher oil, gas and fertilizer prices, causing concerns about food security and job losses. Some oil and gas producers in the Middle East have also seen a dramatic loss of export revenue.
«The situation remains very uncertain and shipping through the Strait of Hormuz has not yet been normalized. Even after re-launching regular shipping flows through the Strait, it will take time for global supplies of basic products to return to their pre-conflict levels – and fuel and fertilizer prices may remain high for a prolonged period, given infrastructure damage. Due to supply disturbances, shortages of basic inputs are likely to have an impact on energy, food and other industries. The war has also displaced violent people, affected jobs and reduced travel and tourism, which may take time to reverse.
«Today, we shared our latest assessments, in view of the publication on Tuesday, April 14, of the monthly Report on the IEA Oil Market and the IMF's Global Economic Perspectives. We also discussed the situation of the countries most affected by the shock and the reactions of our institutions. Our teams cooperate closely, including at country level, to use our respective expertise and help countries through personalized policy advice and, in the case of the IMF and the World Bank, financial support where necessary.»
«Θα συνεχίσουμε να παρακολουθούμε στενά και να αξιολογούμε τον αντίκτυπο του πολέμου στις αγορές ενέργειας, την παγκόσμια οικονομία και τις μεμονωμένες χώρες, και να συντονίζουμε την αντίδραση και την υποστήριξή μας προς τις χώρες μέλη μας — συνεργαζόμενοι και αξιοποιώντας την εμπειρογνωμοσύνη άλλων διεθνών οργανισμών, όπως απαιτείται, για να θέσουμε τα θεμέλια για μια ανθεκτική ανάκαμψη που προσφέρει σταθερότητα, ανάπτυξη και θέσεις εργασίας.»
Σχετικά με τον Διεθνή Οργανισμό Ενέργειας
Ο Διεθνής Οργανισμός Ενέργειας, η παγκόσμια ενεργειακή αρχή, ιδρύθηκε το 1974 για να βοηθήσει τα κράτη μέλη του να συντονίσουν τις συλλογικές αντιδράσεις σε σημαντικές διαταραχές του εφοδιασμού με πετρέλαιο. Η αποστολή του έχει επεκταθεί και εξελιχθεί έκτοτε και σήμερα βασίζεται σε τρεις κύριους πυλώνες: την εξασφάλιση της παγκόσμιας ενεργειακής ασφάλειας, την επέκταση της ενεργειακής συνεργασίας και του διαλόγου σε όλο τον κόσμο και την υποστήριξη ενός ασφαλούς, οικονομικά προσιτού και βιώσιμου ενεργειακού μέλλοντος. Για περισσότερες πληροφορίες, επισκεφθείτε τη διεύθυνση https://www.iea.org/.
Σχετικά με το Διεθνές Νομισματικό Ταμείο
Το ΔΝΤ είναι ένας παγκόσμιος οργανισμός που εργάζεται για την υποστήριξη της οικονομικής ανάπτυξης και ευημερίας για όλες τις 191 χώρες μέλη του. Το επιτυγχάνει αυτό υποστηρίζοντας οικονομικές πολιτικές που προωθούν τη χρηματοπιστωτική σταθερότητα και τη νομισματική συνεργασία, οι οποίες είναι απαραίτητες για την αύξηση της παραγωγικότητας, τη δημιουργία θέσεων εργασίας και την οικονομική ευημερία. Το ΔΝΤ διοικείται από τις χώρες μέλη του και λογοδοτεί σε αυτές. Για περισσότερες πληροφορίες, επισκεφθείτε τη διεύθυνση https://www.imf.org
Σχετικά με τον Όμιλο της Παγκόσμιας Τράπεζας
Ο Όμιλος της Παγκόσμιας Τράπεζας εργάζεται για τη δημιουργία ενός κόσμου απαλλαγμένου από φτώχεια σε έναν βιώσιμο πλανήτη μέσω ενός συνδυασμού χρηματοδότησης, γνώσης και εμπειρογνωμοσύνης. Αποτελείται από την Παγκόσμια Τράπεζα, συμπεριλαμβανομένης της Διεθνούς Τράπεζας Ανασυγκρότησης και Ανάπτυξης (IBRD) και του Διεθνούς Συνδέσμου Ανάπτυξης (IDA), τον Διεθνή Οργανισμό Χρηματοδότησης (IFC), τον Οργανισμό Εγγύησης Πολυμερών Επενδύσεων (MIGA) και το Διεθνές Κέντρο Επίλυσης Επενδυτικών Διαφορών (ICSID)».
