The International Energy Agency has urged governments, businesses and households to adopt measures such as working from home and avoiding air travel to help ease rising energy costs triggered by the Iran war.
Global inflation concerns keep growing alongside the spike in energy costs. The agency also says reducing highway speed limits and cutting unnecessary travel could help lower demand and cushion the impact of soaring oil prices on consumers.
Earlier this month, the IEA coordinated a record release of 400 million barrels from strategic reserves, led largely by the United States. Officials say combining supply measures with changes in consumer behaviour could help stabilise markets in the short term.
As the agency said in a statement:
We have recently launched the largest ever release of IEA emergency oil stocks - and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy.
In addition to this, today's report provides a menu of immediate and concrete measures that can be taken on the demand side by governments, businesses and households to shelter consumers from the impacts of this crisis.