The International Energy Agency (IEA) has proposed measures to alleviate oil price pressures stemming from escalating conflict in the Middle East. These proposals include encouraging remote work, reduced speed limits, and increased use of public transportation.
The agency, which on March 11 agreed to release a record 400 million barrels of oil from strategic stockpiles, emphasized that addressing demand is crucial for energy security alongside supply measures.
The IEA outlined these demand-saving strategies on Friday, suggesting consumers also consider avoiding air travel as ways to combat the price shock triggered by the ongoing situation. The initial stockpile release was coordinated to address the effects of the U.S-Israeli war with Iran.