"Mr Birol said politicians and markets were still underestimating the scale of the crisis, which could take six months or longer to fully restore oil and gas flows from the Gulf."
"The conflict was 'the greatest global energy security threat in history', with attacks on Iran resulting in the loss of one-fifth of the world's oil and gas."
"The IEA recommended measures such as encouraging remote work, reducing speed limits on motorways, and promoting a shift from private cars to public transport to quickly reduce oil demand."
"Brent crude oil is now at $108, up from $72 before the outbreak of the conflict, indicating a significant impact on global energy prices."
Fatih Birol of the International Energy Agency emphasized the urgent need for countries to reduce energy demand due to a severe global energy crisis. He noted that the ongoing conflict has led to a significant loss of oil and gas, with Brent crude oil prices rising sharply. The IEA recommended measures such as encouraging remote work, reducing speed limits, and promoting public transport to mitigate the crisis. The situation is described as the greatest global energy security threat in history, with potential long-term impacts on oil and gas flows.
Read at Irish Independent
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