The International Energy Agency (IEA), which this month agreed to release a record amount of oil from strategic reserves to deal with the fallout of the US-Israel war with Iran, on Friday presented some proposals to ease the pressure of oil prices on consumers. These proposals include working from home and avoiding air travel.
Let us tell you that the US-Israel war with Iran has increased energy prices, which has increased concerns about inflation across the world.
The IEA said its proposals are steps governments, companies and ordinary households can take to reduce the harm to consumers from the recent surge in energy prices.
The IEA said these proposals include working from home, reducing highway driving speed limits by at least 10 kilometers per hour, and avoiding air travel if other means of transportation are available.
“We have recently begun the process of releasing the largest-ever amount of oil from the IEA’s emergency oil reserves, and as part of my international energy diplomacy, I am in constant touch with key governments around the world, including major energy producers and consuming countries,” IEA Executive Director Fatih Birol said in a statement.
Agreed to release 400 million barrels of oil
Birol added, “In addition, today’s report lists some immediate and concrete measures that governments, companies and ordinary households can take on the energy demand front to protect consumers from the adverse effects of this crisis.”
The IEA on March 11 agreed to release a record 400 million barrels of oil from its strategic reserves to counter a surge in global crude prices, with the largest supply coming from the US.