00:01The International Energy Agency is urging governments to take measures to reduce oil
00:07demand. They are calling on governments to push remote working, encourage people to take public
00:12transport, limit car use in major cities, and reduce speed limits. The agency also suggests
00:18that cutting back on air travel where alternatives are available could help significantly.
00:25Since the United States and Israel launched military strikes against Iran at the end of February,
00:31oil prices have surged above $100 per barrel. Analysts speculate that these prices could even
00:37double if the situation does not de-escalate. Last week, the IEA agreed to release 400 million
00:45barrels of oil from emergency reserves, but officials warned that the world cannot rely
00:49on the supply alone to stabilize markets. The agency said the resumption of transit through
00:55the Strait of Hormuz is now the single most important action to return to stable oil and gas flows.
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