New IEA report highlights options to ease oil price pressures on consumers in response to Middle East supply disruptions

The International Energy Agency today set out a range of demand-side actions that governments, businesses and households can take to alleviate the economic impacts on consumers of the disruptions to oil markets stemming from the war in the Middle East.

The conflict has triggered the largest supply disruption in the history of the global oil market, with shipping through the Strait of Hormuz, which normally carries around 20% of global oil consumption, reduced to a trickle. Around 20 million barrels per day of crude oil and oil products typically transit the Strait. The loss of these flows has tightened markets significantly, pushing crude oil prices above $100 per barrel and driving even sharper increases in refined products such as diesel, jet fuel and liquefied petroleum gas (LPG).

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RSK: The number one way to save oil and gas during the conflict is to work from home? Not buying it.