International Energy Agency warns: countries must not stockpile fuel during the Iran war

Golden Ten Data, April 5—According to the Financial Times, International Energy Agency (IEA) Director Fatih Birol has warned that, amid the energy crisis triggered by a potential war between the US, Israel, and Iran, countries must refrain from hoarding oil and fuel. If the Strait of Hormuz remains closed, supply is expected to decrease further. "I urge all countries not to impose export bans or restrictions," Birol stated. "Now is the worst possible time for the global oil market. If countries hoard oil and fuel, their trade partners, allies, and neighbors will all suffer as a result." This may be a reference to the US. As gasoline prices have surged past $4 per gallon and California faces the threat of an aviation fuel shortage, there are growing rumors domestically in the US about a possible ban on refined oil product exports. US Energy Secretary Chris Wright has so far only ruled out the possibility of a crude oil export ban. Birol said that some countries are already stockpiling energy, which has weakened the IEA’s move to stabilize the market during the current conflict by releasing 400 million barrels of oil and fuel from emergency reserves.