The Iran war set off the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a new report on Tuesday, warning that high prices would slash demand for crude, the primary lifeblood of the global economy.
In March, oil prices notched their largest one-month gain ever, the IEA said.
The IEA – a Paris-based group made up of 32 member nations, including the U.S. – warned of a widespread bout of “demand destruction" in the report. Under such a scenario, high prices would make oil unaffordable for many buyers, forcing them to find alternatives or forgo energy use altogether.
Shouldn’t that be “War on Iran” and culprits should be clearly named - US and Israel. Thanks to them whole world now suffers higher prices. The only silver lining here is that some people might realize the dangerous fossil additions we have and actually start at least thinking of moving away.
Should read "US attack on Iran triggered…
I almost got hardcore triggered because I thought it said “Iran triggered…” Well, shockingly we have China to thank; yeah their government commits atrocities against their people - slavery, culture erasure, global infestation of trash products, microplastics, viral diseases and all that - but they are somehow managing to net zero the insane emissions caused by the manufacturing that the rest of the world demands of them, and they spawned a suitable replacement to Tesla; BYD. And it’s been adopted massively, probably due to the widespread takeover of many countries’ domestic businesses and shipping ports but still my point is those countries are fucking everything up and convincing petrol heads that fossil fuel is still a thing, and China is singlehandedly standing as a stark reminder that that is not the case.