Russia’s aggression in Ukraine has threatened the global oil market, with the International Atomic Energy Agency proposing a 10-point plan designed to reduce global demand and reduce the likelihood of extreme inflation.
When fully implemented by developed economies, the IEA claims that the planned measures will reduce demand for oil by 2.7 million barrels per day in four months – equivalent to the demand for all car oil in China.
“This will significantly reduce the potential strain at a time when large quantities of Russian supplies are no longer reaching the market and the peak demand seasons of July and August are approaching.
The proposals are likely to have a significant impact on drivers, as it suggests car-free Sundays, changing the number of days motorists can drive in cities and reducing speed limits.
“As a result of Russia’s horrific aggression against Ukraine, the world could face the biggest oil supply crisis in decades, with huge implications for our economy and society,” said Fatih Biral, IEA executive director who unveiled the plan at a news conference. With Barbara Pompeii, French Minister for Climate Change, who currently holds the presidency of the European Union.
“IEA member states have already taken steps to support the global economy through the initial release of millions of barrels of essential oil stocks, but we can also take action on a demand-side basis to avoid the risk of a crippling oil crisis,” said Dr Biral. “Our 10-point plan shows that this can be done through a system that has already been tested and proven in multiple countries.”
The 10 main tasks of IEA:
- Reduce the speed limit on the highway to at least 10 km / h
Impact *: Uses about 290 kb / d of fuel from the car and saves an additional 140 kb / d from the truck
- Work from home up to three days a week where possible
Impact: Saves about 170 kb / d once a week; Saves about 500 kb / d in three days
- Car-free Sunday in town
Impact: Saves about 380 kb / d every Sunday; One Sunday of the month saves 95 kb / d
- Reduce the use of public transport and encourage micromobility, walking and cycling
Effect: saves about 330 kb / d
- Alternative private car access to roads in large cities
Effect: saves about 210 kb / d
- Get in the habit of increasing car sharing and reducing fuel consumption
Effect: saves about 470 kb / d
- Promote efficient driving for freight trucks and product delivery
Effect: saves about 320 kb / d
- Where possible use high-speed and night trains instead of planes
Effect: saves about 40 kb / d
- Avoid business flights where there are alternatives
Effect: saves about 260 kb / d
- Strengthen the adoption of electric and more efficient vehicles
Impact: About 100 kb / d (kb / d = thousand barrels of oil per day.)
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