""The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market," IEA Executive Director Fatih Birol stated. "In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe.""
""Supply-side measures alone cannot fully offset the scale of the disruption. Addressing demand is a critical and immediate tool to reduce pressure on consumers by improving affordability and supporting energy security," the report reads."
""Shipping through the Strait of Hormuz amounts to about 20 percent of the oil consumed globally, but has fallen to a trickle," highlighting the severity of the situation."
The International Energy Agency urges employees to work from home to alleviate the effects of the ongoing energy crisis linked to the war in Iran. The conflict has led to significant disruptions in the global oil market, particularly affecting shipping through the Strait of Hormuz, which accounts for 20% of global oil consumption. The IEA has released emergency oil reserves and warns that prices could exceed previous highs if the situation does not improve. Addressing demand is crucial to support energy security and affordability.
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