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- Joint statement by the heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization
WASHINTON, USA – The heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization met on May 28, 2026 as part of the high-level coordination group established in April to maximise their institutions’ response to the energy, trade, and economic impacts of the war in the Middle East.
Following the meeting, they issued the statement below:
“The war in the Middle East is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions. While the global economy continues to show resilience, the effects of the conflict are disproportionately affecting the most vulnerable countries through higher fuel and fertiliser prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertiliser prices are of particular concern as many countries enter the planting season.
“At the same time, global oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz. If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience.
“We met to take stock of the impacts, discuss the situation in the most affected countries and regions, and coordinate our support to those in need. We also explored options to further enhance collective support through multilateral and bilateral actions.
“We highlighted the importance of closely monitoring fertiliser supply chains, energy and economic developments, as well as policy responses. In this regard, we are tracking and analysing measures taken by governments to address the economic impact of the conflict, with a view to promoting transparency, sharing lessons, and identifying emerging risks.
“We will remain in close contact as the situation evolves and continue coordinating our efforts to support the countries most affected and global economic stability.”