Oil consuming nations can tackle the price shock triggered by conflict in the Middle East with an array of demand-saving measures like working from home, the International Energy Agency said.
The Paris-based agency — which announced a record release of emergency oil stockpiles last week — on Friday published a “menu” of 10 options “to shelter consumers from the impacts of this crisis.”
In addition to remote working, these include greater use of public transport, reducing highway speeds by at least 10 kilometers (6 miles) an hour, and diverting liquefied petroleum gas from use in transport to cooking.
Oil futures have surged around 50% in London this month as the Iran war effectively halts tanker flows from the Persian Gulf, with Brent futures trading near $110 a barrel on Friday. The price of products like jet fuel and diesel has soared much further, particularly in Asia.
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