The International Energy Agency has launched an online tool that collects real-time information on how countries are coping with the fallout from conflict in the Middle East. The tracker records government actions to reduce energy consumption and protect citizens from sharp price increases. This is the answer to the biggest disruption to global supplies oil and liquefied natural gas caused by fighting in the region.
The conflict, which began on February 28, has effectively closed key routes through the Strait of Hormuz. Oil supplies along this corridor are more disrupted than in recorded history. The global LNG market also lost about 20% of its usual volumes.
The IEA’s new tracker divides measures into two groups. The first is energy saving methods that governments are introducing. The second is targeted support for consumers to soften the blow for them from rising prices for fuel and electricity. The database will be updated as new solutions appear. In addition to the tracker, the agency has released practical guidance: what steps authorities, businesses and households can take to reduce dependence on expensive oil and strengthen energy security.
As part of its core mission, the IEA has already activated an emergency mechanism. On March 11, participating countries agreed to the largest coordinated sale of oil from strategic reserves in history. 400 million barrels will enter the market, which will help stabilize the supply situation.
The tracker doesn’t just record the facts, it shows how states are moving from passive observation to active crisis management. Savings, supporting the population and using reserves become the main tools in conditions when old supply chains are breaking down and new ones have not yet been built.
Source: International Energy Agency (IEA)
Image generated by a neural network
