The International Energy Agency (IEA) recommended this Friday, the 20th, three more days of teleworking, 40% fewer commercial flights and free public transport to reduce the demand for oil in the face of the war in the Middle East.
In a report, that institution presented 10 “urgent” measures, mainly to combat the use of private vehicles, which could save up to around six million barrels per day, partially offsetting the global shortage of crude oil.
“The conflict in the Middle East caused the biggest interruption of supply in the history of the international oil market due to the almost total stoppage of naval transit through the Strait of Hormuz”, it reads.
According to the AIE, around 15 million barrels of crude oil and another five million petroleum products passed through that sea route every day, around 20% of the world’s consumption of those materials, but the quantities were reduced to “droplets”.
The text argues that it is essential to work on the demand side, as oil prices have already surpassed the US$100/barrel barrier, despite the effort to release reserves by many countries (426 thousand barrels).
“There is growing concern about the impact of rising prices on families, companies and the economy in general,” warned the IEA.
Among the remaining proposed measures is the reduction of the speed limit on roads by at least 10 km/h, to reduce fuel consumption “between 5% and 10% per vehicle”.
Vehicle sharing and circulation restrictions in large metropolitan areas, through the sharing of license plates (odd/even, for example), are also included in the plan.
The executive director of the IEA, Turkish Fatih Birol, however, acknowledged that austerity measures alone will not be enough.
“Resuming navigation through the Strait of Hormuz is the most important action to restore stability to oil and gas flows and reduce pressure on markets and prices,” he declared.
According to Birol, the current situation caused by the military offensive by Israel and the United States against Iran and consequent retaliations in the Persian Gulf region, is different from that seen during the invasion of Ukraine by Russia, on February 24, 2022.
“As we saw in 2022, governments can step in with measures to help consumers with their energy bills during price spikes. However, fiscal resources are limited and it is vital that these measures are targeted at those who need it most,” he concluded.
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