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Energy agency: How to save 2.7M barrels of oil a day

BERLIN – The International Energy Agency said the world could quickly reduce global oil demand by 2.7million barrels a day by cutting down on car and plane travel, which would help ease 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 organization’s plan includes:

Reducing speed limits on highways by at least 6mph

Working from home up to three days a week when 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 other 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.

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