Governments around the world must consider drastic steps to slash oil demand in the face of an emerging global energy crisis caused by Russia’s invasion of Ukraine, the International Energy Agency warned on Friday.
Highlights
- Governments around the world must consider drastic steps to slash oil demand in the face of an emerging global energy crisis caused by Russia’s invasion of Ukraine.
- The energy watchdog detailed a 10-point emergency plan that includes reducing speed limits on highways by at least 6 miles per hour, working from home up to three days a week where possible and car-free Sundays in cities.
- The recommendations for advanced economies like the U.S.
- and European Union would aim to offset the feared loss of nearly one-third of Russia’s oil production due to sanctions leveled on Moscow.
- If fully implemented, the moves would lower world oil demand by 2.7 million barrels per day within four months.