Shipping Blocked + Heat Wave: Global Watchdogs Warn Fuel Crisis Could Hit Northern Hemisphere This Summer

u003cp>A joint warning from the heads of the IEA, IMF, World Bank, and WTO — as reported by Reuters on May 30 — says that unless shipping through the Strait of Hormuz gets back on track, global energy stockpiles will drain at record speed, putting the Northern Hemisphere at serious risk of a fuel shortage when demand peaks this summer.u003c/p>u003cp>The four agency chiefs met in Washington to hash out how the Middle East situation is hitting the global economy. Their joint statement after the meeting pointed out that the blockade at the Strait of Hormuz is causing oil inventories to plummet at an unprecedented pace. If things don’t get back to normal before the Northern Hemisphere’s summer demand surge, those inventories will keep shrinking fast, threatening fuel security, market stability, and the resilience of the global economy.u003c/p>u003cp>Energy experts cited by Russian media Vzglyad on May 30 warned that if the Strait of Hormuz stays blocked for long, the world could see another fuel crisis this summer. They noted that the strait used to carry around 20 to 22 million barrels of crude and oil products daily. Even though some of that volume is now being diverted through alternative pipelines in Saudi Arabia, the UAE, and Iraq, there’s still a daily supply gap of roughly 13 million barrels.u003c/p>u003cp>Beyond oil, the Strait of Hormuz also handles about one-fifth of the world’s liquefied natural gas shipments. According to Vzglyad, Europe’s gas storage is filling up much slower than before. Data from Gas Infrastructure Europe shows European gas reserves are currently around 39%, down from 47% at the same time last year. The European Commission wants member states to hit 90% storage capacity before winter, but industry insiders say that’s going to be a tough ask given the current market conditions.u003c/p>u003cp>Japan is in a particularly tight spot because over 90% of its crude oil imports come from the Middle East, almost all passing through the Strait of Hormuz. That’s led to a serious shortage of naphtha and other petrochemical feedstocks. For a while now, industries from auto manufacturing to logistics, chipmaking, and food packaging have been feeling the squeeze. Experts say that even though Japan’s government released strategic oil reserves twice this year (in March and May) and is scouring the globe for alternative supplies, it can’t shake its Middle East dependency anytime soon. A recent poll by Kyodo News found that over 70% of Japanese people are “anxious” about the naphtha shortfall and are calling for government-led energy conservation measures.u003c/p>u003cp>And if the shipping mess wasn’t enough, the global energy market is also getting hit by blistering summer heat. Northern India recently saw temperatures soar to 48.2°C, a national record, while New Delhi hit 45°C. Vietnam’s north and central regions are in the thick of a heat wave, with many areas topping 40°C. Meanwhile, parts of Europe are sweating through unusually hot weather, with the UK, France, and Spain breaking May temperature records.u003c/p>u003cimg src=”https://x0.ifengimg.com/ucms/2026_23/06C1513EC51E178C484A823242AA1FD7CEDE58B6_size297_w1024_h683.jpg” />u003cp>On May 27, in London’s Long Acre area, a woman shields herself from the heat with an umbrella during the scorching heatwave.u003c/p>u003cp>The summer heat is driving up electricity demand like crazy. On May 25, the northern region of Vietnam’s power utility (EVNNPC) saw daily electricity consumption break 400 million kWh for the first time, with peak load also hitting a new record. Vietnam had to fire up LNG and oil power plants to meet the extra demand. A May 16 report from the North American Electric Reliability Corporation (NERC) said that rising electricity demand in the US is putting new strain on the grid, and when wind power output is low, some areas could face tight power supplies. Plus, if the early summer stays hot while some power plants are still offline for routine spring maintenance, the risk to the grid gets even higher.u003c/p>u003cp>Faced with mounting energy pressure, countries are taking different steps. India is limiting natural gas use for industry and urging people to use public transport and avoid international travel. South Korea started an odd-even license plate restriction for government vehicles on April 8. Australia is encouraging citizens to voluntarily cut back on fuel use to keep supplies flowing.u003c/p>u003cp>The IEA says it has coordinated the largest-ever emergency release of oil reserves from member countries to calm markets. At the same time, nations are actively looking to boost energy supplies from other regions and reduce reliance on Middle East shipping routes. On the supply side, some countries are bringing coal plants back online or expanding capacity to offset gas shortages. Others are speeding up renewable energy projects and electrification efforts.u003c/p>u003cp>Analysts say the global energy market is facing one of the most complex situations in years. Geopolitical risks in the Middle East, soaring demand from heat waves, and supply shifts during the energy transition are all piling up, making energy security once again a core challenge for the world economy.u003c/p>