How nations are coping with the Iran oil shock
During the refueling process, a fuel nozzle is attached to the combustion engine at the gas pump at a filling station.
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Countries around the world are scrambling to cope with the effects of the energy shock caused by the Iran war, implementing measures such as fuel export bans, relaxing refinery standards and even making workers climb stairs instead of taking elevators.
This comes as the Iran war enters its third week and despite US President Donald Trump declaring it so. USA “won” The effects of the war continue to be felt, especially on the energy market.
From the serious…
Naturally, some of the measures taken across the country include trying to keep as much fuel as possible in the country to avoid dependence on imported fuel.
China on Thursday ordered refineries to halt exports of refined fuel to alleviate potential domestic fuel shortages. According to Reuters.
Sources told the agency that the ban was issued by the National Development and Reform Commission and covers the shipment of gasoline, diesel and aviation fuel.
CNBC attempted to reach NDRC for comment but did not immediately receive a response.
Other major countries are considering or implementing ceiling prices on fuel products.
On Monday, Japanese Prime Minister Sanae Takaichi He said Tokyo was considering taking steps to cushion the economic blow from rising fuel costs, including lowering gasoline prices.
Quoted from Takaichi japanese media It plans to cap pump prices nationwide at an average of 170 yen ($1.07) per liter, it said Thursday, adding that gasoline prices could potentially reach 200 yen per liter.
Tokyo also unilaterally released crude oil from its own stocks without waiting for coordination with other countries.
Japan, which must import almost all of its energy needs for the world’s third-largest economy, has been particularly badly hit by the war in Iran.
South Korean President Lee Jae Myung in question On Friday, the government imposed a ceiling on oil prices.
“We decided to set a clear price ceiling on supply prices to limit domestic fuel prices, which are fluctuating wildly due to the international unstable situation,” Lee said.
India also had to make some difficult choices. The country told Oil refineries will be given priority We supply liquefied petroleum gas to 330 million households and more than 3 million businesses that use it as their primary cooking fuel. to use Commercial LPG cylinders.
… to the interesting
While some countries are trying to secure alternative energy sources to keep their lights on, others have focused on reducing demand on their grids.
Work-from-home orders are back in some countries after companies spent years trying to persuade workers to return to offices after the pandemic. with Vietnam and Thailand reportedly enabled employees to work remotely.
Thailand goes one step further instructing civil servants to use stairs instead of elevators, reducing reliance on air conditioning, and telling government employees to wear short-sleeved shirts instead of suits.
Philippines and Pakistan introduced four-day work weeks for government employees, and even Bangladesh has implemented it. changed his calendarBringing forward the Eid al-Fitr holiday allows universities to close early to save fuel.
