International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned that high energy prices are likely to persist for some time, even if the conflict in the Gulf ends soon.
Georgieva gave the warning on Wednesday in a speech ahead of the 2026 Annual Meetings of the IMF and World Bank Group, scheduled for Oct. 12 to 18 in Bangkok.
She said Brent futures were pointing to elevated oil prices through 2027, while oil prices remained around 100 U.S. dollars per barrel amid risks, high transport costs and other factors.
“So far, the energy price shock has been large but contained, thanks to energy efficiency, fuel-source diversification, reserve releases, supply chain agility, and the usual organic demand and supply response,” she said.
Georgieva said a global shortfall in refining capacity had also pushed up the prices of diesel and other refined products, which she described as being at record highs.
She added that natural gas supplies from the Gulf remained severely disrupted because of limited liquefied natural gas transport options while shipping through the Strait of Hormuz remained threatened.
According to her, the disruption was having uneven effects globally, with Asia and Europe particularly affected.
“Price pressures may build further as countries replenish reserves and demand rises with the approach of the Northern hemisphere cold season,” Georgieva said.
