"The IEA describes the current disruption as the 'largest supply shock in modern history', driven by escalating tensions in the Middle East that have effectively closed a vital trade passage, accounting for 20% of global oil production and transport."
"The resumption of transit through the Strait of Hormuz is the single most important action to return to stable oil and gas flows and reduce the strains on markets and prices."
"Remote work, slower highway speeds, more public transport, car-sharing, and smarter driving could quickly slash fuel use, according to the IEA, who wants governments to encourage such measures in a bid to cut oil demand."
Governments are encouraged to implement measures such as promoting remote work, reducing speed limits, and enhancing public transport to address the rising oil prices caused by geopolitical tensions. The International Energy Agency (IEA) highlights the disruption in oil supplies due to military actions in the Middle East, particularly affecting the Strait of Hormuz. This situation has led to significant price increases, with analysts predicting prices could reach $200 per barrel. The IEA emphasizes the need for immediate actions to stabilize oil and gas flows.
Read at euronews
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