Global energy market shock not over yet — IMF

Global energy market shock not over yet — IMF As the IMF warned in an analytical note published in mid-July, a significant portion of the capacity to mitigate the global energy crisis sparked by the war involving the US, Israel, and Iran has already been exhaustedWASHINGTON, September 10. /TASS/. The International Monetary Fund (IMF) believes that the energy shock in global markets, triggered by the war involving the US, Israel, and Iran, has not yet been overcome, IMF Spokesperson Julie Kozack said at a regular press briefing. "As the managing director (Kristalina Georgieva - TASS) has said, the energy shock is not over," Kozack noted. "Oil and gas prices remain elevated. Prices of refined products such as diesel and jet fuel are also very high. Ship traffic through the Strait of Hormuz is only 1/10 of pre-war levels, and we know that there's been a use of strategic oil and gas reserves in some countries, but those will need restocking at some point," the IMF spokesperson noted. "At the same time, we know that the AI boom is increasing demand for energy in some countries, and we also know that the Northern Hemisphere winter is now coming, and that will create additional energy demands," Kozack added. As the IMF warned in an analytical note published in mid-July, a significant portion of the capacity to mitigate the global energy crisis sparked by the war involving the US, Israel, and Iran has already been exhausted. IMF Chief Economist Pierre-Olivier Gourinchas had previously emphasized that a US-Israeli military operation against Iran could trigger an "energy crisis of unprecedented scale." 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