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Supply measures alone won’t be enough to mitigate “the largest supply disruption in the history of the global oil market” amid an escalating conflict in the Middle East, the International Energy Agency warned on Friday.
Instead of waiting for disrupted production to recover, lowering demand could ease pressure on consumers and help bring prices down more quickly.
Minimizing road and air transport, working from home where possible, and switching to electric cooking could significantly help cushion the shock for consumers, the agency said.
Heightened geopolitical risk has rattled traders, sending not only crude prices higher but also sharply increasing costs for refined products such as diesel and jet fuel, which directly impact transportation, logistics and consumer prices.
