Nations Worldwide Move To Conserve Fuel As Strait Of Hormuz Closure Threatens Global Economy

The crisis provoked by the US and Israel's war on Iran is felt more sharply in Asia, where nations rely on the Strait of Hormuz for over 80 percent of their oil

Pakistani Prime Minister Shehbaz Sharif announced on 9 March sweeping austerity measures to curb domestic fuel consumption after oil prices briefly reached $120 a barrel due to the disruptions caused by the US-Israeli war on Iran.

“The entire region is currently in a state of war. Keeping this reality in mind, the government took difficult decisions for the country's economy,” Sharif said in his address.

He said oil prices were already above $100 a barrel and could rise further, forcing Islamabad to conserve reserves and take quick measures to reduce the need for fuel consumption across the country.

Measures in the public sector include a four-day workweek for government offices, and rotating work-from-home arrangements for half of the public staff.

The measures also involved two weeks of school closures, online classes for higher education, cuts to official fuel use, salary reductions for ministers and lawmakers, and restrictions on foreign travel and in-person government meetings.

🔗SOURCE ➡️ The Cradle

Related: 3/10 — According to an article in Daily Mail, Britain is on the brink of a gas shortage, with just two days’ supply in storage. Liquefied natural gas (LNG) reserves are also quite limited. The crisis is worsened by the Middle East conflict: Iran has closed the strategic Strait of Hormuz, through which around 20% of the world’s gas and oil flows, and Qatar suspended operations at Ras Laffan—the world’s largest gas facility—after attacks.

3/9 — Netanyahu Knows He Bombed Too Far When Even Bloodthirsty Senator Lindsey Graham Tells Him Stop ‘Crippling Iran Oil'

3/8 — Trump On Gas Prices: "If They Rise, They Rise.”

3/7 — 🇮🇱🔥🇮🇷Israel and the USA are changing their tactics: a wave of attacks on Iran's oil and gas facilities has begun

3/7 — "We're gonna get all of the oil out of the hands of terrorists."

3/7 — 🇮🇱🔥🇮🇷 Israel and the USA are changing their tactics: a wave of attacks on Iran's oil and gas facilities has begun

3/4 — Iran has announced that it will allow only China to pass through the Strait of Hormuz, as an expression of gratitude for Beijing’s supportive stance toward Tehran during the war.

3/2 — —❗️🇸🇦/🇮🇷 NEW: All operations at ARAMCO's Ras Tannoura refinery in Saudi Arabia have been suspended

3/2 — —❗️🇶🇦/🇮🇷 BREAKING: Qatar suspends all LNG (Liquefied Natural Gas) production and export due to Iranian strikes

3/2 — Global Energy Prices Spike After Iran Shuts Down Strait Of Hormuz

2/28 — Just In: Iran Is Closing The Strait Of Hormuz, Which Has Never Been Fully Closed In Modern History

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