IEA Urges Demand Cuts Amid Soaring Oil Prices

The Paris-based organization's recommendations come after its member countries agreed to the largest reserves distribution in history last week. This supply boost was intended to counter disruptions caused by the near-total closure of the Strait of Hormuz, which has sharply increased prices for petrol, diesel, jet fuel, and liquefied petroleum gas.

The IEA emphasized that "the demand side is also a crucial part of the energy security equation." Additional recommendations include slower highway speeds, increased public transport and car-sharing use, reduced nonessential air travel, and encouraging electric cooking. Gulf countries have cut oil production by at least 10 million barrels a day, and the IEA states that current fuel supply losses exceed those of the 1973 oil shock, which led to the agency's creation.