Working from home, reducing travel and speed among the measures proposed by the IEA in the “biggest supply disruption in the history of the global oil market”
The measures to increase the supply will not be enough to compensate for “the biggest supply disruption in the history of the global oil market”, warns the International Energy Agency (IEA), which calls for immediate actions to reduce consumption in the context of the escalation of the conflict in the Middle East, reports CNBC, according to News.ro.
The International Energy Agency (IEA) points out that reducing demand can quickly reduce pressure on consumers and contribute to lower prices, given that global oil production is severely affected.
Recommended measures include working from home where possible, reducing the use of road and air transport, reducing travel speed, using public transport and car sharing.
The IEA also recommends switching from gas cooking to electric solutions, to reduce gas consumption and pressure on prices.
Increased geopolitical risks have destabilized energy markets, causing significant price increases not only for oil, but also for refined products such as diesel and jet fuel, with direct effects on transportation, logistics and consumer prices.
The price of oil has risen more than 40% since the beginning of the conflict between the United States and Iran, which started on February 28, reaching the highest levels since 2022. The disruptions are mainly caused by the effective blockade of the Strait of Hormuz, a strategic point through which about a fifth of global oil consumption transits.
To compensate for the lack of supply, several states began to use strategic reserves. The IEA decided to release 400 million barrels of oil, the largest intervention of this type in the organization's history, without specifying when these quantities will actually enter the market.
The agency points out that road transport, responsible for around 45% of global oil demand, is the main sector where rapid fuel savings can be achieved.
In parallel, European governments are analyzing fiscal measures to protect consumers and limit the impact on inflation.
Spain plans to reduce VAT on fuel from 21% to 10% and eliminate a 5% tax on electricity. Italy has reduced excise duties on fuel, and Germany is considering measures such as taxing the extraordinary profits of oil companies.
On the international markets, the price of Brent oil for delivery in May increased by 1.3%, reaching 109.93 dollars per barrel, while the American West Texas Intermediate oil remained relatively stable, at 96.20 dollars per barrel.
