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From Four-Day Weeks to AC Bans, the World Is Scrambling to Save Energy – WSJ

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From Four-Day Weeks to AC Bans, the World Is Scrambling to Save Energy – WSJ

Governments around the world are pressuring consumers to reduce energy use in one of the broadest efforts to alter fuel-consumption habits since the 1970s, as the Iran war drives oil-and-gas prices sharply higher.

The changes are being rolled out as a mix of voluntary acts, soft restrictions and incentives to cut demand. But the policies are multiplying and growing more constraining as the crisis continues.

The war has closed the Strait of Hormuz, which normally caters to about 20% of global oil consumption, causing the biggest supply shock in the history of the oil market, according to the International Energy Agency.

Exclusive | Saudi Arabia Sees a Spike to $180 Oil if Energy Shock Persists Past April – WSJ

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Exclusive | Saudi Arabia Sees a Spike to $180 Oil if Energy Shock Persists Past April – WSJ

Saudi Arabia’s oil officials are working frantically to project how high oil prices might go if the Iran war and its disruption of energy supplies doesn’t end soon—and they don’t like what they are seeing.

The base case, several oil officials in the Gulf’s biggest producer said, is that prices could soar past $180 a barrel if the disruptions persist until late April.

While that would sound like a bonanza for a kingdom still heavily leveraged to oil revenue, it is deeply concerning. Prices that high could push consumers into habits that slash their oil use—potentially for the long term—or trigger a recession that also hurts demand. They also would risk casting Saudi Arabia in the role of profiteer in a war it didn’t start.

Attacks on Oil and Natural Gas Facilities Could Lead to Much Higher Prices – The New York Times

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Attacks on Oil and Natural Gas Facilities Could Lead to Much Higher Prices – The New York Times

Increasing attacks on energy infrastructure in the Persian Gulf could significantly hurt the already strained global supply of oil and natural gas, pushing fuel prices much higher.

Important energy sites were attacked this week across the region. The main state-owned energy company in Qatar, the world’s third largest supplier of liquefied natural gas, reported “sizable fires and extensive further damage” on Thursday at its facilities after those areas were also struck on Wednesday.

The escalating attacks will make it much harder for energy producers in the Gulf to repair and restart their oil and gas operations when the war ultimately ends. Asian countries, which are the biggest buyers of Persian Gulf energy, face the greatest risk of fuel shortages, but the pain of higher oil and natural gas prices will be felt across much of the globe.