The International Energy Agency has proposed the largest ever release of oil reserves, according to the Wall Street Journal, as governments seek to contain a spike in energy prices driven by the Middle East war.
Vandana Hari, Founder of Vanda Insights, discusses her outlook on the oil markets – She speaks with Haidi Stroud-Watts and Avril Hong on Bloomberg: The Asia Trade.
A widening war and the near total closure of the Strait of Hormuz have led to cuts from Persian Gulf producers that have so far shaved about 6% of global oil output, sending prices of everything from jet fuel and cooking gas soaring across the world.
Millions of barrels of crude and fuels remain stuck on tankers that can’t cross the narrow strait, where ships have been attacked. The jamming of signals has made it even tougher and unsafe for vessels in the area.
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