Energy Agency: 10 Steps Would Save 2.7M, Barrels Of Oil A Day

The International Energy Agency says the world could quickly reduce global oil demand by 2.7 million barrels a day by cutting down on car and plane travel, helping easing the supply crunch caused by Russia's invasion of Ukraine.

The Paris-based agency said in a report released Friday that "practical actions by governments and citizens" could significantly reduce oil demand, make fuel cheaper for consumers, shrink Russia's hydrocarbon revenue and boost efforts to reduce greenhouse gas emissions. The IEA said its 10-point plan could, if fully implemented in advanced economies, cut oil demand by the same amount as all the cars in China within four months. It urged the countries to adopt the measures in time for the annual peak demand season of July and August.

"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's executive director, Fatih Birol. The organisation's plan includes: - Reducing speed limits on highways by at least 10 kilometers per hour (6 mph) - Working from home up to three days a week where possible - Introducing car-free Sundays in cities - Making the use of public transport cheaper and encouraging people to walk or cycle - Alternating private car access to roads in large cities - Boosting car sharing and another practices to reduce fuel use - Promoting efficient freight and delivery driving - Opting for high-speed and night trains instead of planes where possible - Avoiding business air travel where alternative options exist, such as economy travel or video conferencing - Encouraging the adoption of electric and more efficient vehicles.

(PTI)