According to the Chinese version of France's RFI website, the heads of the International Monetary Fund (IMF), World Bank, and International Energy Agency (IEA) warned on May 29th that if oil transport through the Strait of Hormuz does not return to normal, the world faces a risk of shortages during peak summer fuel demand.

The heads of the three organizations emphasized in a joint statement, "Following significant disruptions to supplies through the Strait of Hormuz, global oil inventories are decreasing at a record pace," and "If the flow of maritime transport does not return to normal, ahead of the peak summer oil demand in the Northern Hemisphere, global oil inventories will continue to decline rapidly, increasing risks to the stable supply of fuel, market conditions, and the resilience of the broader economy."

The war between the United States and Israel against Iran has embroiled the Middle East in conflict. As a retaliatory measure, Iran targeted U.S. allies in the region and virtually blocked the crucial waterway through which one-fifth of the world's energy supply passes.

The heads of the three organizations announced in April that they would establish a group to coordinate crisis responses, particularly for vulnerable economies.

In their joint statement, the heads of the three organizations re-emphasized that rising energy and fertilizer prices due to the war are disproportionately affecting low-income countries, stating, "As many countries approach the planting season, the surge in fertilizer prices is a particular concern."

IMF Managing Director Kristalina Georgieva stated at this year's Spring Meetings that the Middle East war had forced a downward revision of global economic growth forecasts, and due to the economic impact of the conflict, she estimated that vulnerable economies would require $20 billion to $50 billion (approximately 3.18 trillion to 7.95 trillion yen) in financial assistance.

This week, the IMF announced that following Bangladesh's request for a financial assistance package, it is in discussions to develop a program to support the country. (Translation/Editing by Yanagawa)