IEA Proposes Measures to Ease Energy Costs Amid Rising Oil Prices

Reuters

Oil, miniatures of oil barrels, oil pump jack and U.S. dollar banknote are seen in this illustration.

The International Energy Agency (IEA), which earlier this month agreed to a record release of oil from strategic reserves to mitigate the impact of the U.S.-Israeli conflict with Iran, has outlined new proposals aimed at easing pressure on consumers from rising energy prices.

The conflict has driven a sharp increase in global energy costs, fuelling concerns over inflation worldwide.

In a statement issued on Friday, the IEA said its recommendations include practical steps that governments, businesses and households can take to reduce energy demand and limit the impact of higher prices.

These measures include encouraging working from home, reducing highway speed limits by at least 10 kilometres per hour, and avoiding air travel where alternative forms of transport are available.

"We have recently launched the largest ever release of IEA emergency oil stocks – and ‌I ⁠am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy," said IEA executive director Fatih Birol in a statement.

"In addition to ⁠this, today's report provides a menu of immediate and concrete measures that can be taken on the demand side by governments, businesses and households ⁠to shelter consumers from the impacts of this crisis," added Birol.

The IEA agreed on March 11 to release a record 400 ⁠million barrels of oil from strategic stockpiles to combat the spike in global crude prices, with the U.S. contributing the bulk of the supply.

Source: Reuters



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