Guerre au Moyen-Orient: les conséquences économiques mondiales
Here are the latest global economic developments, Tuesday at 3:00 PM GMT, on the eleventh day of the war in the Middle East:
Oil: IEA "extraordinary meeting" on strategic stocks
The International Energy Agency (IEA) convened an "extraordinary meeting" of its member governments on Tuesday to assess a possible "decision" on the use of strategic reserves to stem the surge in oil prices, announced its executive director Fatih Birol.
This meeting, which follows an earlier meeting of G7 energy ministers at the initiative of France, will allow "an assessment of the current state of security of supply and market conditions, with a view to informing a subsequent decision on the possible release of IEA countries' emergency stocks onto the market," Fatih Birol said in a statement.
Trump's comments about the war being "virtually" over reassure the markets
A wave of relief swept through the markets on Tuesday: oil prices fell and stock markets rebounded after US President Donald Trump's comments the previous day that the war with Iran was "virtually" over. One of the world's largest refineries closed.
The Ruwais refinery in the United Arab Emirates, one of the largest in the world, suspended production on Tuesday after a drone attack in the area, according to a source close to the matter, amid concerns from the Gulf oil monarchies.
Planet extends the time frame for releasing its satellite photos of the Gulf countries
The American satellite imagery provider Planet Labs PBC has further restricted access to its photographs of the Middle East region in order to protect states allied with the United States, it announced to its clients on Tuesday.
Planet had already imposed a 96-hour delay on its customers last week to view its high-resolution satellite images, which are usually available a few hours after they are taken.
Drop in traffic through the Strait of Hormuz: UN concerned for developing countries
The UN Trade and Development Agency (UNCTAD) expressed concern on Tuesday about the repercussions of maritime traffic disruptions in the Strait of Hormuz on sectors such as energy and fertilizers, with a feared impact on developing countries.
In addition to the rising cost of oil on the world market, the UN body observes that "fuel tanker freight rates and war risk insurance premiums are rising sharply, while the costs of marine fuel are also increasing, making transport more expensive."
Transavia: The war in the Middle East and the price of crude oil "have a significant impact"
The war in the Middle East "has a big impact" on Transavia, the low-cost airline of the Air France-KLM group, which has four destinations in the affected area, not to mention "the threat" posed by soaring crude oil prices, the CEO of Transavia France said on Tuesday.
The EU rejects any easing of sanctions against Russian oil to reduce prices
The European Commission on Tuesday rejected the idea of easing sanctions against Russian oil in an attempt to ease tensions in energy markets, instead calling for "maximum pressure" to be maintained on Moscow.
"We must maintain maximum pressure on Russia," European Commissioner for the Economy Valdis Dombrovskis told reporters when asked about President Donald Trump's statements saying he was ready to lift some sanctions "in order to reduce oil prices."
Iraq is seeking alternative routes for its oil exports
Iraq is seeking alternative routes to export its oil after the closure of the Strait of Hormuz, blocked by Iranian forces amid the Middle East war, a spokesman for the Oil Ministry told AFP on Tuesday.
As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Iraq, which derives 90% of its revenue from oil, has several oil tankers itself blocked in the Gulf.
With its gas imports disrupted by the war in the Middle East, India is prioritizing essential sectors
India announced on Tuesday that it would prioritize the distribution of its available natural gas for household consumption and transportation, as supply disruptions due to the war in the Middle East worry several sectors of its economy.
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