“By following a 10-step plan would reduce the price pain being felt by consumers around the world, lessen the economic damage, shrink Russia’s hydrocarbon revenues, and help move oil demand to a more sustainable pathway,” the Paris-based IEA said in a report.
The International Energy Agency said the world could lessen an oil shortage caused by Russia’s invasion of Ukraine by restricting how people use their cars and accelerating the transformation of cities dominated by the automobile.
“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference on Friday. “Oil markets are in an emergency situation. And not only that — it may even get worse than today in the next few months.”
Advanced economies could reduce their daily oil demand by 2.7 million barrels within four months by following a 10-step plan, the IEA said. That would significantly ease looming supply strains by almost offsetting the 3 million barrel-a-day loss of Russian production the agency anticipates for April.
“These efforts would reduce the price pain being felt by consumers around the world, lessen the economic damage, shrink Russia’s hydrocarbon revenues, and help move oil demand to a more sustainable pathway,” the Paris-based IEA said in a report.
President Vladimir Putin’s invasion of Ukraine has upended global commodity markets, sending prices soaring and prompting a search for alternative sources of energy.