Countries must resist the urge to hoard oil and fuel during the energy crisis triggered by the US-Israeli war on Iran, the head of the International Energy Agency has warned, with supplies expected to dwindle further if the Strait of Hormuz remains closed.
“I urge all countries not to impose bans or restrictions on exports,” Fatih Birol told the FT. “It is the worst time when you look at the global oil markets. Their trade partners, their allies and their neighbours will suffer as a result.”
While he was careful not to name China directly, Birol’s comments appear to be aimed at Beijing. China is the only major country to have banned the export of petrol, diesel and jet fuel in response to the five-week-old war, although India has imposed extra duties on exports.