International Energy Agency proposes ways to save 2.7 million barrels of oil daily

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Sat, 2022-03-19 23:57

BERLIN: The International Energy Agency on Friday unveiled a 10-point plan to reduce oil use focused mostly on reducing transportation as Russia’s invasion of Ukraine deepens concerns about supply.

If fully carried out in advanced economies, the measures recommended by the IEA would lower oil demand by 2.7 million barrels a day within four months, according to the IEA.

The IEA’s 10-point plan focuses on how to use less oil getting people and goods from A to B, drawing on concrete measures that have already been put to use in a diverse range of countries and cities. Most of the proposed actions would require changes in the behavior of consumers, supported by government measures.

“As a result of Russia’s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” said the IEA Executive Director Fatih Birol.

The 10-point plan includes reducing speed limits on highways by at least 10 kilometers per hour, working from home up to three days a week where possible, car-free Sundays in cities, making the use of public transport cheaper and incentivize micromobility, walking and cycling, alternating private car access to roads in large cities, increasing car sharing and adopt practices to reduce fuel use; promoting efficient driving for freight trucks and delivery of goods, using high-speed and night trains instead of planes where possible, avoiding business air travel where alternative options exist, and encouraging the adoption of electric and more efficient vehicles.

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International Energy Agency (IEA)
oil crunch of 2022
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