Photo: David McNew/Getty Images
The International Energy Agency (IEA) warned governments around the world on Friday that they must take drastic measures to reduce oil demand in the face of a potential global energy crisis caused by Russia’s invasion of Ukraine.
In its announcement, the IEA detailed an emergency plan that countries can follow to reduce oil demand.
These recommendations for advanced economies such as the United States and the European Union would aim to offset the feared loss of nearly a third of Russia’s oil production due to the sanctions imposed on Moscow.
“As a result of Russia’s heinous aggression against Ukraine, the world may well be facing its biggest impact on oil supply in decadeswith huge implications for our economies and societies,” IEA Executive Director Fatih Birol said in a statement.
The agency said the proposals reflect recognition that the world has few realistic options to quickly replace Russia’s oil suppliesthe world’s second largest oil producer in 2021.
Here are some of the recommendations:
– reduce speed limits on highways at least 6 miles per hour
– Work from home up to three days a week when possible
– car free sundays in the cities
– Increase the carpooling
– Use night and high-speed trains instead of planes
– Avoid business air travel when it is possible
– Encourage walking, cycling and public transport
If fully implemented, the measures could reduce global oil demand by 2.7 million barrels per day within four months and the impact would be greater if emerging economies such as India and China adopted them in part or in full.
On the contrary, these emergency measures would disrupt or even slow down the world economy, which remains largely addicted to fossil fuels, especially for transportation.
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