Lates News

According to the Financial Times, the Executive Director of the International Energy Agency, Birol, has warned that countries must resist the urge to hoard oil and fuel in the energy crisis sparked by the US-Iran war. If the Strait of Hormuz remains closed, further supply reductions are expected. "I urge all countries not to implement export bans or restrictions," Birol said. "Now is the worst time for the global oil market. Hoarding oil and fuel will harm trading partners, allies, and neighboring countries." This may be pointing towards the United States. With gasoline prices surpassing $4 per gallon, California faces a threat of aviation fuel shortage, and rumors are circulating in the US about possibly banning exports of refined oil products. US Energy Secretary Chris Wright has only ruled out the possibility of banning crude oil exports. Birol noted that some countries have already hoarded energy, weakening the effects of the IEA's release of 400 million barrels of oil and fuel from emergency reserves to stabilize the market during the current conflict.