Expressway [Yonhap News]

The International Energy Agency (IEA) on March 20 (local time) presented a "Ten Commandments for Oil Conservation" that governments, businesses, and households can implement to respond to global oil supply disruptions caused by the Middle East conflict.

The IEA emphasized that supply-side measures like releasing strategic reserves have limitations amid soaring crude oil prices and continued instability in refined oil supply and demand, stressing that demand restraint is essential for market stabilization.

The 10 rules presented by the IEA span various sectors including transportation, aviation, travel, cooking, and industry.

Firstly, in the transportation sector, it emphasized expanding remote work, lowering highway speed limits, utilizing public transportation, introducing odd-even car use in large cities, expanding carpooling, and improving freight transport efficiency.

It explained that remote work reduces fuel consumption for commuting, and lowering highway speed limits by more than 10 km/h can save fuel for both passenger cars and trucks.

Furthermore, it highlighted that promoting public transportation in large cities and allowing alternating use of private vehicles can further reduce fuel consumption. The IEA also explained that activating carpooling and strengthening vehicle management, such as optimizing cargo loads, helps conserve gasoline.

As measures to alleviate demand pressure for specific fuels, the IEA recommended switching fuel sources in the transport sector, refraining from air travel, changing cooking methods, and improving fuel efficiency in the industrial sector.

In the transport sector, it noted that by encouraging some vehicles to run on gasoline instead of liquefied petroleum gas (LPG), LPG can be secured for essential uses such as cooking, and reducing air travel can significantly lower demand for jet fuel.

Adopting eco-friendly cooking methods can reduce reliance on LPG, and in countries experiencing fuel supply disruptions, industrial facilities can use alternative raw materials like naphtha instead of LPG, the IEA advised.

Earlier, IEA member countries agreed to release 400 million barrels of emergency strategic oil reserves in response to a sharp decline in shipping volume through the Strait of Hormuz, which transports about 20% of the world's oil consumption.

The IEA stated that while 400 million barrels is the largest release in history, it cannot fully resolve the seriousness of the situation, emphasizing that "demand management is a very important and urgent solution for easing price burdens and strengthening energy security."