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Asia Revives COVID Measures for Oil Crisis: WFH, Energy Cuts, Cost Support

Asia Revives COVID Measures for Oil Crisis: WFH, Energy Cuts, Cost Support

Thairath•International•1h ago

Reader Briefing

Asian nations are reintroducing COVID-19 era strategies like remote work and energy conservation to combat the global oil crisis triggered by the Iran conflict.

  • •Asia is returning to COVID-19 era measures, including work-from-home policies and economic stimulus, to address the global energy crisis and soaring oil prices.
  • •The International Energy Agency (IEA) has proposed energy-saving measures and announced a record release of strategic oil reserves.
  • •Several countries, including South Korea, the Philippines, and Thailand, are implementing energy-saving initiatives and considering remote work options.
  • •Other nations like Pakistan, Sri Lanka, and Singapore are taking stricter measures, while Japan and New Zealand offer direct financial aid to mitigate costs.

Overview

  • •Asia is facing a global energy crisis and severe impact on oil prices due to the Iran conflict.
  • •Asia relies on over 80% of its crude oil transported through the Strait of Hormuz, which is now largely blocked.
  • •The International Energy Agency (IEA) proposed energy-saving measures such as working from home, reducing air travel, and conserving energy in daily life.
  • •The IEA announced a record release of approximately 400 million barrels of oil from strategic reserves to alleviate the crisis.
  • •The IEA Executive Director, Fatih Birol, stated that such measures proved effective during Russia's invasion of Ukraine.
  • •South Korea launched a campaign for citizens to reduce energy consumption, with the government considering work-from-home policies.
  • •The Philippines reduced working days in some government agencies and declared an energy emergency, while Thailand's Prime Minister ordered energy-saving measures in the public sector.
  • •Pakistan closed schools for two weeks and increased work-from-home, Sri Lanka declared Wednesdays a public holiday, and Singapore recommended energy-efficient appliance use.

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Key Quotes

Fatih Birol
"Measures of this nature have proven effective, such as during Russia's invasion of Ukraine when Europe could reduce its reliance on Russian energy and maintain its electricity system."
มาตรการลักษณะนี้เคยพิสูจน์แล้วว่าได้ผล เช่นในช่วง ที่รัสเซียรุกรานยูเครน ที่ยุโรปสามารถลดการพึ่งพาพลังงานรัสเซียและยังคงรักษาระบบไฟฟ้าได้

Key Entities

Place

Asia(เอเชีย)ℹ️
Continent implementing COVID-era measures to counter an oil crisis.
Strait of Hormuz(ช่องแคบฮฮร์มุซ)ℹ️
Key maritime passage crucial for oil transport to Asia, currently facing blockades.
Russia(รัสเซีย)ℹ️
Country whose invasion of Ukraine serves as a past example of successful energy dependency reduction.
Ukraine(ยูเครน)ℹ️
Country invaded by Russia, in reference to a past successful energy crisis management example.
South Korea(เกาหลีใต้)ℹ️
Country implementing energy-saving campaigns and considering work-from-home policies.
Philippines(ฟิลิปปินส์)ℹ️
Country reducing government workdays and declaring an energy emergency due to oil dependency.
Thailand(ไทย)ℹ️
Country implementing energy-saving measures in the public sector, including limiting foreign travel and adjusting air conditioning.
Pakistan(ปากีสถาน)ℹ️
Country implementing stricter measures such as closing schools and increasing work-from-home.
Sri Lanka(ศรีลังกา)ℹ️
Country declaring every Wednesday a public holiday to conserve oil.
Singapore(สิงคโปร์)ℹ️
Country recommending energy-efficient appliance use and higher air conditioning temperatures.
Japan(ญี่ปุ่น)ℹ️
Country preparing to use reserve funds to subsidize oil prices.
New Zealand(นิวซีแลนด์)ℹ️
Country preparing to provide weekly financial assistance to low-income families to reduce energy cost impacts.
Australia(ออสเตรเลีย)ℹ️
Country facing fuel shortages due to hoarding, and enacting laws to penalize price gougers.

Organization

International Energy Agency(สำนักงานพลังงานระหว่างประเทศ)ℹ️
Organization proposing energy-saving measures and releasing strategic oil reserves.
International Energy Agencyℹ️
Organization proposing energy-saving measures and releasing strategic oil reserves.
IEAℹ️
Abbreviation for the International Energy Agency, which is proposing energy-saving measures.
Central Bank(ธนาคารกลาง)
Financial institutions that are raising interest rates to curb inflation from energy prices, unlike during COVID-19.
Central Bank of Australia(ธนาคารกลางของประเทศออสเตรเลีย)ℹ️
Financial institution that has raised interest rates twice this year due to energy price risks driving inflation.

Person

Fatih Birol(ฟาติห์ บิรอล)ℹ️
Executive Director of the International Energy Agency, commenting on the effectiveness of past energy-saving measures.
Anutin Charnvirakul(นายอนุทิน ชาญวีรกูล)ℹ️
Prime Minister of Thailand who ordered public sector energy-saving measures.