TechFlow reports that on April 5, according to the Financial Times, Fatih Birol, Executive Director of the International Energy Agency (IEA), warned that countries must resist the urge to hoard oil and fuel amid an energy crisis triggered by potential U.S.-Israeli military action against Iran. If the Strait of Hormuz remains closed, supply disruptions are expected to worsen. “I urge all countries not to impose export bans or restrictions,” Birol said. “This is precisely the worst time for global oil markets. Hoarding oil and fuel will harm trading partners, allies, and neighboring countries alike.” This warning may be directed at the United States. With gasoline prices exceeding $4 per gallon and California facing a potential jet fuel shortage, rumors are circulating domestically about possible restrictions on refined product exports. So far, U.S. Energy Secretary Chris Wright has only ruled out banning crude oil exports—not refined products. Birol added that some countries have already begun stockpiling energy, undermining the effectiveness of the IEA’s measure to release 400 million barrels of crude oil and refined products from emergency reserves to stabilize markets during the current conflict.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / support@techflowpost.com ICP License: 琼ICP备2022009338号
