TOKYO, October 7. /TASS/. High energy prices will likely persist for some time, even if the war involving the US, Israel, and Iran ends in the near future, International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned.
"In addition, natural gas supply from the Gulf remains severely impaired, reflecting more-limited LNG transport options for as long as shipping through the Strait of Hormuz remains threatened," Georgieva said.
"This has uneven impacts across the world, with Asia and Europe particularly hard-hit. And, to quote from Game of Thrones, winter is coming. Price pressures may build further as countries replenish reserves and demand rises with the approach of the Northern hemisphere cold season."
"Even if the war in the Gulf were to end soon, the problem of high energy prices would likely persist for some time," the IMF chief added. "Brent futures, for example, now predict high oil prices through 2027. Higher energy prices are pushing up inflation, policy rates, and benchmark yield curves."
Georgieva noted that the average price per barrel of oil has remained above $100 for an extended period. According to her, the high cost of diesel fuel and other petroleum products is "due to a global shortfall in refining capacity."