Stronger action required to bolster energy security – IEA

With oil prices having eased substantially in recent weeks following an interim agreement between the US and Iran in mid-June aimed at curtailing hostilities, regional maritime and military disputes, the prospect of higher export flows could provide some relief for Southeast Asian nations ahead of peak summer season demand. Intergovernmental organisation the International Energy Agency’s (IEA’s) latest newsletter, published on June 29, highlights that oil demand has shifted considerably over the past four months in response to the oil crisis, with many consumers scaling back their energy use and governments taking steps to shelter households and businesses from the impacts, particularly in the Asia-Pacific region.

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