International Institutions Warn Fertilizer Prices May Remain High for Extended Period

At the IMF and World Bank Spring Meetings, the International Energy Agency (IEA) jointly issued a statement with these two institutions, announcing their commitment to jointly address the current crisis. The statement warned that shipping in the Strait of Hormuz has not yet returned to normal and that oil, gas, and fertilizer prices may remain elevated for an extended period, with low-income countries facing the most severe impact. IEA Executive Director Fatih Birol stated that the agency is closely monitoring the situation and stands ready to increase crude oil reserve releases if necessary. (CCTV Finance)