Several Asian nations have already introduced consumption curbs. Bangladesh has capped air conditioning at 25 degrees Celsius, while Thailand has set a 26-degree limit.
Some countries are shortening school and university hours and restricting official travel. Pakistan and the Philippines have introduced a four-day work week for public servants.
South Korea has launched a public campaign encouraging citizens to cut shower time, charge phones during the day and run vacuum cleaners on weekends.
“We will consult with relevant ministries and actively consider measures for work-from-home,” Kim said.
The Philippines, heavily reliant on Middle Eastern oil, has shortened the work week in some government offices.
President Ferdinand Marcos declared a state of national energy emergency, warning the conflict poses an “imminent danger” to the country’s energy supply.
Pakistan has closed schools for two weeks and advised office workers to work more from home. Sri Lanka has declared a public holiday every Wednesday to conserve fuel.
Singapore has urged citizens and businesses to adopt energy-efficient appliances, switch to electric vehicles and increase air conditioning temperatures.
Thailand’s Prime Minister Anutin Charnvirakul has ordered bureaucrats to suspend overseas travel, set air conditioning above 25 degrees Celsius, avoid suits and ties, use stairs instead of elevators and work remotely.
The IEA has also recommended promoting public transport, allowing private vehicles into city centres on alternate days, encouraging carpooling and improving driving efficiency.
It has called for preserving liquefied petroleum gas for essential uses by shifting biofuel vehicles to gas and reducing consumption elsewhere.
Governments are also turning to fiscal support as rising fuel costs strain households. Japan plans to deploy 800 billion yen in reserve funds to subsidise gasoline prices at around 170 yen per litre, at a potential monthly cost of 300 billion yen.
New Zealand has announced temporary weekly support of NZ$50 for low-income families.
“We know these families will be hit particularly hard by the global fuel-price shock. We are delivering them timely relief,” finance minister Nicola Willis said.
In Australia, shortages have led to panic buying, with remote regions particularly affected. The government has introduced legislation to double penalties for fuel price gouging.
Several countries have also released fuel from domestic reserves and relaxed quality standards to boost supply. The IEA indicated that further stock releases remain an option.
“If we believe that there is a need” to “alleviate the pain on the economy”, Birol said, adding that discussions were ongoing with global leaders.
“I believe the world has not yet well understood the depth of the energy security challenge we are facing,” he said. “It is much bigger than what we had in the 1970s… It is also bigger than the natural gas price shock we experienced after Russia’s invasion of Ukraine.”
Unlike during the pandemic, central banks are not moving to cut interest rates.
Instead, many are considering hikes as inflation risks mount. The Reserve Bank of Australia has already raised rates twice this year, citing energy risks as a key driver of inflation.
In India, households are now waiting up to 35 days for cooking gas cylinder refills. The government maintains the situation is “worrisome” but under control for now, with future stability hinging on developments in the Strait of Hormuz.