According to the International Energy Agency, the world could reduce oil demand by 2.7 millions barrels per day by cutting back on plane and car travel. This would help ease the supply crunch that was caused by Russia’s invasion of Ukraine.
In a Friday report, the Paris-based agency stated that “practical actions taken by governments and citizens” could significantly lower oil demand , make fuel more affordable for consumers and shrink Russia’s hydrocarbon revenues.
According to the IEA, the 10-point plan of the IEA could reduce oil demand in advanced economies by the same amount that all cars in China if implemented fully within four months.
It encouraged the countries to take the necessary measures to prevent the peak demand season in July and August.
Fatih Birol, executive director of the IEA, stated that Russia’s aggression against Ukraine has led to the world facing the worst oil shortage shock in decades. This could have huge consequences for societies and economies.
The plan of the organization includes:
— Reduce speed limits on highways to at least 10 km/h (6 mph).
• Working remotely up to 3 days per week, if possible
— Sundays without cars in cities:
– Making public transport more affordable and encouraging people to cycle or walk instead
Alternative private car access to large city roads
— Car sharing, and other practices that reduce fuel consumption.
• Promoting efficient freight- and delivery driving
When possible, opt for night and high-speed trains over planes
Avoid business travel when there are other options, such as economy travel and video conferencing
Encouragement of the adoption electric and more efficient vehicles