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Carry on as normal despite oil market disruption, No 10 advises public

ALN

Downing Street has urged the public to carry on ‘in normal fashion’ despite mounting concerns about major disruption to the global oil market.

The International Energy Agency on Friday suggested governments should consider advising people to work from home more to reduce demand for oil amid the fallout from the Iran war.

Warning the conflict had triggered ‘the largest supply disruption in the history of the global oil market’, the IEA said widespread adoption of measures to rapidly cut demand would ‘help cushion the shock’.

The agency’s list of 10 measures also includes encouraging public transport usage and car-sharing, avoiding air travel and cutting speed limits by 6mph.

IEA Executive Director Fatih Birol said the proposals provide ‘immediate and concrete measures that can be taken& to shelter consumers from the impacts of this crisis’.

He added: ‘I believe it will be of use to governments around the world, in both advanced and developing economies, in these challenging times.’

But asked about the IEA’s suggestions, Downing Street said the public should carry on as normal.

Prime Minister Keir Starmer’s official spokesman said: ‘This is the IEA’s general advice for countries across the world. It is not in place in the UK.

‘We have a diverse and resilient supply. People in the UK should continue to go about their days in normal fashion.’

The outbreak of war in the Middle East has seen Iran effectively blockade the Strait of Hormuz, a key shipping lane that carries around 20% of global oil consumption.

The blockade has seen oil prices jump above $100 per barrel, despite the release of 400 million barrels from emergency reserves on March 11, and sparked concern that continued disruption could lead to fuel rationing.

The UK government has been keen to play down the prospect of rationing, insisting Britain is well stocked with fuel.

The prime minister’s official spokesman said: ‘Both the AA and Fuels Industry UK have been clear drivers should fill up as normal, with fuel production and imports continuing across the UK as usual with no issues reported.’

By Christopher McKeon, Press Association Political Correspondent

Press Association: News

source: PA

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