Measures could reduce demand by 2.7 million barrels per day
The world uses approximately 100 million barrels of oil on a given day. The International Energy Agency has released a 10-point plan it believes could reduce that total by about 2.7 million barrels per day, urging nations to take action to fight climate change and defund Russia with changes that can go into effect in time for the high-demand period of the Northern Hemisphere summer.
“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 10 points of the plan are:
- 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
“IEA Member Countries have already stepped in to support the global economy with an initial release of millions of barrels of emergency oil stocks, but we can also take action on demand to avoid the risk of a crippling oil crunch,” Dr Birol said. “Our 10-Point Plan shows this can be done through measures that have already been tested and proven in multiple countries.”
Advanced economies use about half of the barrels of oil consumed globally and have the means to transform their usage through renewables, public transportation, and simple measures such as those in the plan, the IEA said.