Work from home, drive less, save energy: IEA advises

Rising oil prices are hitting wallets everywhere, from fuel pumps to grocery bills. While tensions between nations have slowed global oil production, according to the International Energy Agency (IEA), technology can provide some relief soon. By becoming smarter with technology and efficient solutions, people can help ease the strain on our energy resources.

The IEA has identified a number of technology-related measures to cut oil consumption. For example, remote working and technology can help curb road and air travel, while smart heating, cooling, and electric cooking devices can help cut gas consumption.

Companies can also use AI technology to optimise their logistics and cut fuel consumption.

“Addressing demand is a critical and immediate tool to reduce pressure on consumers,” the IEA said, adding that technology adoption can make a big difference while supply disruptions persist.

Crude oil prices have increased by more than 40% since February 28, when the US-Iran war started, and now reach their highest levels since 2022. The Strait of Hormuz serves as a vital shipping route which transports approximately 20% of worldwide oil usage, and its disruption has caused severe limitations to oil supply.

The IEA has approved the largest strategic petroleum reserve release in its history, which allows governments to use their emergency oil supplies.

Notably, the company recommends that organisations should implement technology solutions which include remote work, carpooling applications, public transit tracking systems, and electric cooking technologies because these solutions provide faster results than waiting for production recovery after disruptions.