The war in Iran has triggered the largest disruption to global oil supplies ever recorded. The impact on fuel availability now exceeds even the 1973 oil crisis, which ultimately led to the creation of the International Energy Agency (IEA). “As a global energy authority, the IEA is doing everything it can to support the stability of energy markets”, the agency’s director said.
Recommendations
To ease pressure on fuel supplies, the IEA has published a set of recommendations. Among them is a proposal to reduce highway speed limits by at least 10 kilometres per hour. The agency also urges governments to further promote public transport, encourage carpooling, and discourage air travel when alternatives are available.
Households are advised to switch to electric cooktops where possible. Cities could consider rotating license‑plate schemes that limit the number of cars allowed on the road at any given time.
The measures are not aimed solely at governments and citizens. Industry also has a role to play. In countries where gas reserves are under strain, factories could temporarily switch from LPG to other available fuels.
Emergency Measures and Market Response
Last week, the IEA announced that its 32 member countries, including the Netherlands, will jointly release more than 400 million barrels of oil from emergency reserves. This would have been the largest coordinated release in the organisation’s history. The move was intended to calm markets, but the ongoing conflict has kept prices elevated.
The report notes that governments can also intervene to help households manage rising energy bills. However, it insists that financial resources are limited and support must be targeted at those who need it most.
@anp | NEWSBRAINPORT
