The International Energy Agency (IEA) has recommended that governments, businesses, and households adopt measures such as working from home and avoiding air travel to help ease the burden of soaring energy prices caused by the US-Israeli war with Iran. Report UNB/AP
The conflict, which began on Feb 28, has sharply driven up global energy costs, raising inflation concerns worldwide. Brent crude has surged to around US$120 per barrel from about US$70 before the war, while natural gas prices have more than doubled.
In addition to these demand-side measures, the IEA highlighted other suggestions, including lowering highway speed limits by at least 10 km/h and using alternative transport where possible.
“We have recently launched the largest-ever release of IEA emergency oil stocks, and I am in close contact with governments globally, including major energy producers and consumers, as part of our international energy diplomacy,” IEA Executive Director Fatih Birol said.
On March 11, the IEA agreed to release a record 400 million barrels of oil from strategic reserves, with the United States providing the majority of the supply.
