The International Energy Agency released 10 measures for governments, businesses, and households to take immediately as oil prices soared. The war in the Middle East continues to disrupt global supply chains and has sent oil prices above $100 per barrel for the first time since 2022.
"The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market." IEA Executive Director Fatih Birol said in a statement. On Friday, the price of Brent crude was around $106 per barrel. The price of Brent crude rose to nearly $120 a barrel on Thursday after Iran attacked a major liquefied natural gas complex in Qatar.
The International Energy Agency recommended working from home where possible. The International Energy Agency suggested minimizing air travel and using public transport more. The International Energy Agency suggested car sharing and reducing highway speed limits by at least six miles per hour. "Cutting down on business flights can quickly ease pressure on jet fuel markets." the International Energy Agency said.
The International Energy Agency suggested switching to electric cooking. The International Energy Agency suggested shifting bi-fuel and converted vehicles from liquefied petroleum gas to gasoline where possible. The International Energy Agency warned that the new measures cannot completely offset the disruption to energy markets caused by the war. The International Energy Agency said the measures can lower costs for consumers, reduce market strains, and preserve fuels for essential uses until normal flows resume.
The International Energy Agency advises governments and businesses on how to ensure energy systems are stable, sustainable, and affordable. The International Energy Agency comprises 32 member countries, including the U.S. and the U.K. The Indian government said in early March that non-domestic supplies from imported LPG were being prioritized for essential sectors.
Rising crude prices have led to increased fuel costs for Americans. Some companies are allowing employees to work more from home.
forum Comments (0)
No comments yet. Be the first to comment.