Abu dhabi: The International Energy Agency (IEA) has outlined 10 immediate ways households, businesses, and governments can save money as oil prices surge above $100 per barrel following what it calls the largest supply disruption in global oil market history. The crisis stems from the US-Israel war on Iran, which has severely reduced shipping through the Strait of Hormuz-a key artery that normally carries around 20 percent of global oil consumption, or roughly 20 million barrels per day.
According to United News of Bangladesh, the loss of these flows has tightened markets sharply, pushing up not just crude prices but also refined fuels such as diesel, jet fuel, and liquefied petroleum gas (LPG). While countries have already responded with supply-side measures-including a record 400 million barrel release from emergency reserves-the IEA says these alone are not enough.
"The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe," said IEA Executive Director Fatih Birol. He emphasized that as the global energy authority, the IEA is doing everything it can to support the stability of energy markets. This includes launching the largest ever release of IEA emergency oil stocks and engaging in international energy diplomacy with key governments worldwide.
In addition, Birol stated that the IEA's report provides immediate and concrete measures for governments, businesses, and households to adopt in order to protect consumers from the impacts of this crisis. The report draws on the IEA's decades of expertise and highlights measures that have been proven effective in various contexts, offering valuable insights for governments across both advanced and developing economies.
The agency stressed that reducing demand is a 'critical and immediate tool' to ease pressure on consumers, improve affordability, and support energy security until normal supply flows resume. Road transport, which accounts for around 45% of global oil demand, is the primary focus, though the recommendations also cover aviation, cooking, and industry.
The IEA's report outlines 10 ways to save money by cutting fuel use and lowering household expenses. These include working from home, reducing highway speed limits, using public transport, alternating car access in cities, car sharing, improving delivery and freight efficiency, diverting LPG use, avoiding air travel when alternatives exist, switching to modern cooking solutions, and improving industrial efficiency.
While these demand-side measures cannot fully offset the scale of the supply disruption, widespread adoption can 'play a meaningful role' in lowering costs, reducing market strain, and preserving fuel for essential uses.