IMF Chief: High Oil Prices Expected to Persist Until Next Year

IMF Managing Director Kristalina Georgieva stated on October 7 that even if the conflict in the Gulf region ends quickly, high energy prices could persist for some time. Although energy supplies in the Gulf are slowly recovering, global oil prices remain at historic highs due to elevated shipping costs and insufficient global refining capacity. High oil prices are expected to continue until 2027. Additionally, shipping through the Strait of Hormuz remains threatened, severely impacting natural gas supplies in the Gulf region. As countries replenish energy reserves and with the approaching Northern Hemisphere winter driving up demand, pressure on rising energy prices may intensify further. (CCTV News)