With Ukraine war resulting in lower supplies to oil markets ahead of peak demand season, the International Energy Agency has come up with a ten point Plan to ease strains and price pain.
WHAT ARE THE TEN POINTS?
- Reduce speed limits on highways by at least 10 km/h
Impact: Saves around 290 kb/d of oil use from cars, and an additional 140 kb/d from trucks
2. Work from home up to three days a week where possible
Impact: One day a week saves around 170 kb/d; three days saves around 500 kb/d
3. Car-free Sundays in cities
Impact: Every Sunday saves around 380 kb/d; one Sunday a month saves 95 kb/d
4. Make the use of public transport cheaper and incentivise micromobility, walking and cycling
Impact: Saves around 330 kb/d
5. Alternate private car access to roads in large cities
Impact: Saves around 210 kb/d
6. Increase car sharing and adopt practices to reduce fuel use
Impact: Saves around 470 kb/d
7. Promote efficient driving for freight trucks and delivery of goods
Impact: Saves around 320 kb/d
8. Using high-speed and night trains instead of planes where possible
Impact: Saves around 40 kb/d
9. Avoid business air travel where alternative options exist
Impact: Saves around 260 kb/d
10. Reinforce the adoption of electric and more efficient vehicles
Impact: Saves around 100 kb/d
IEA Executive Director Fatih Birol said, “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,”
The IEA report notes that reducing oil use must not remain a temporary measure. Sustained reductions are important not only to improve countries’ energy security but also to tackle climate change and reduce air pollution, the IEA said.
