Global Economy Remains in Danger Zone, Warns International Energy Agency Amidst Oil Reserve Decline
According to the International Desk of Webangah News Agency, …
The global economy has not yet exited the danger zone as oil reserves have diminished, stated the Director of the International Energy Agency (IEA) in an interview with CNN. He emphasized that the decline in global crude oil reserves is weakening a key protective factor for the energy market.
This assessment comes as data from maritime tracking firm Kepler indicates that shipping in the Strait of Hormuz continues to be severely limited amid renewed tensions between the United States and Iran. According to Kepler’s statistics, only thirteen commercial vessels transited the Strait of Hormuz on Wednesday, with just one utilizing the southern route near the coast of Oman. Data also revealed that on Tuesday, nine out of eleven vessels navigated the route designated by Iran through the Strait of Hormuz.
The report highlights that U.S. actions against Iran in the Persian Gulf have disrupted shipping movements in the Strait of Hormuz, leading to an increase in oil and its derivatives prices in various global regions.
