IMF, World Bank, IEA warn against energy hoarding and export controls amid supply shock

Addis Ababa, April 14, 2026 (FMC) — The International Monetary Fund, World Bank, and International Energy Agency on Monday urged countries to avoid hoarding energy supplies and imposing export controls that could worsen what they described as the biggest shock ever to the global energy market.

IEA Executive Director Fatih Birol told reporters after a meeting with IMF and World Bank leaders that several countries were holding onto stocks and imposing export restrictions, and appealed for all countries to allow energy supplies to flow freely to markets. He did not name the countries.

“Do no harm,” said IMF Managing Director Kristalina Georgieva, noting that she was meeting countries in Asia, Sub-Saharan Africa, and some South Pacific islands that were being hit hard and were concerned about supplies.

“The first principle should be: don’t impose export restrictions that are only making the disequilibrium worse,” she said, adding that the war would have a more severe impact on growth and inflation if it continued for a prolonged period.

The U.S. military on Monday began a blockade of ships leaving Iran’s ports, while Tehran threatened to retaliate against Gulf neighbors’ ports after weekend talks in Islamabad on ending the war broke down. Oil prices jumped back above $100 per barrel, with no sign of a swift reopening of the Strait of Hormuz, which carries about 20% of global oil and liquefied natural gas flows.

Birol told an Atlantic Council event earlier that the conflict had triggered what he described as the worst global energy disruption ever, with more than 80 oil and gas facilities across the Middle East damaged to date. He said the situation was already severe in March, when some cargoes had been loaded, but could worsen further this month.

“The scale of the problem is huge, and countries will suffer under this, some more than others, but I can tell you… no country is immune,” Birol said.

The leaders of the three institutions said they would continue coordinating their responses to the conflict in the Middle East, which has pushed oil prices up by 50% since it began on February 28. The shock has also driven gas and fertilizer prices higher, raising concerns about food security and potential job losses.

“We recognize that when we act together, the impact of our action is higher. We are more efficient, we help the membership the most,” Georgieva said.

The statement noted that the situation remained very uncertain, and even after a resumption of regular shipping flows through the Strait of Hormuz, it would take time for global supplies of key commodities to return to pre-conflict levels.

The IMF and World Bank have said they expect to downgrade their growth forecasts and raise their inflation projections as a result of the war. The IMF is due to release new forecasts on Tuesday, while the IEA is set to publish a new monthly oil market report. The conflict has cast a significant shadow over the Spring Meetings of the IMF and World Bank being held in Washington this week.

Birol said the IEA had already released about 400 million barrels of oil from its reserves and was prepared to take further action if necessary.

“The 400 million is only 20% of our reserves. We still have 80% available,” he said. “We are assessing the situation, and if and when we decide it is the time, we are ready to act and act immediately.”