New online tool tracks the latest government measures to conserve energy and support consumers as countries respond to global energy market disruptions
The International Energy Agency has launched a dedicated policy tracker to monitor government actions taken in response to the energy market impacts of the conflict in the Middle East.
The tracker provides an up-to-date overview of measures introduced by governments to conserve energy and protect consumers from rising prices, as governments respond to supply disruptions and increased volatility, notably in markets for crude oil, oil products and liquefied natural gas (LNG).
The conflict, which began on 28 February, has significantly impeded energy trade flows through the Strait of Hormuz, creating the largest supply disruption in the history of the global oil market. Global supply of LNG has also been reduced by around 20% as a result of the situation.
The IEA’s new tracker presents two main categories of action: measures aimed at conserving energy and those designed to support consumers. The tracker will be updated regularly as new policies are announced and the situation evolves, providing timely insights into how countries are addressing the crisis. The IEA has also published a menu of demand-side measures that governments, businesses and households can take to shelter consumers from oil price pressures and support energy security.
In line with the Agency’s core mandate to safeguard energy security, IEA Member countries unanimously agreed on 11 March to carry out the Agency’s largest-ever coordinated release of emergency oil stocks, making 400 million barrels of oil available to the market to help stabilise supply.
Source: IEA
