10 ways to save money as oil prices surge above $100: IEA

Dubai: The International Energy Agency (IEA) has outlined 10 immediate ways households, businesses and governments can save money as oil prices surge above $100 per barrel following what it calls the largest supply disruption in global oil market history.

The crisis stems from the US-Israel war on Iran, which has severely reduced shipping through the Strait of Hormuz — a key artery that normally carries around 20 per cent of global oil consumption, or roughly 20 million barrels per day.

The loss of these flows has tightened markets sharply, pushing up not just crude prices but also refined fuels such as diesel, jet fuel and liquefied petroleum gas (LPG).

While countries have already responded with supply-side measures — including a record 400 million barrel release from emergency reserves — the IEA says these alone are not enough.

“The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe,” said IEA Executive Director Fatih Birol.

“As the global energy authority, the IEA is doing everything we can to support the stability of energy markets. We have recently launched the largest ever release of IEA emergency oil stocks – and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy,” Birol said.

In addition, Birol said today’s report provides a menu of immediate and concrete measures that governments, businesses and households can take on the demand side to shelter consumers from the impacts of this crisis.

“It draws on the IEA’s decades of expertise in this field and highlights measures that have been proven to work in practice in different contexts. I believe it will be of use to governments around the world, in both advanced and developing economies, in these challenging times,” Birol added.

The agency stressed that reducing demand is a “critical and immediate tool” to ease pressure on consumers, improve affordability and support energy security until normal supply flows resume.

Road transport — which accounts for around 45% of global oil demand — is the biggest focus, though the recommendations also cover aviation, cooking and industry.

So, what are the 10 ways to save money? IEA’s report highlights simple, proven actions that can quickly cut fuel use and lower household expenses:

1. Work from home where possible
Cuts fuel use by reducing daily commuting.

2. Reduce highway speed limits by at least 10 km/h
Lower speeds reduce fuel consumption across vehicles.

3. Use public transport
Switching from private cars to buses and trains reduces oil demand.

4. Alternate private car access in cities
Number-plate rotation systems can cut congestion and fuel use.

5. Car sharing and efficient driving
Higher occupancy and eco-driving lower fuel consumption.

6. Improve efficiency in deliveries and freight
Better driving, maintenance and load optimisation reduce diesel use.

7. Divert LPG use from transport
Preserves LPG for essential needs like cooking.

8. Avoid air travel where alternatives exist
Reduces demand for jet fuel, especially business travel.

9. Switch to modern cooking solutions
Electric cooking can reduce reliance on LPG.

10. Improve industrial efficiency and switch feedstocks
Helps reduce oil consumption and free up fuel for critical uses.

The IEA said that while these demand-side measures cannot fully offset the scale of the supply disruption, widespread adoption can “play a meaningful role” in lowering costs, reducing market strain and preserving fuel for essential uses.