With the Russian invasion of Ukraine showing very little of coming to an end, the spiralling cost of petrol and diesel looks set to continue, leading to one of the world’s leading energy agencies suggesting a raft of drastic measures.
The International Energy Agency this week launched a 10-point plan, which they hope if adopted could save almost three million barrels of oil a day. The IEA work with nations from across the planet with the aim of shaping energy strategies and working towards sustainable futures.
But it is the very immediate future which is currently occupying the minds of the expert minds of the IEA, their key actions for saving fuel including reducing speed limits on highways by 10kmh, asking people to work from home three days a week, having car-free Sundays in cities and encouraging more use of public transport.
“This would significantly reduce potential strains at a time when a large amount of Russian supplies may no longer reach the market and the peak demand season of July and August is approaching. The measures would have an even greater effect if adopted in part or in full in emerging economies as well, the IEA said in their statement.
It is hoped that the measures would save 2.7million barrels a day, the equivalent demand for all the cars in China.
Speaking about the plan, Fatih Birol, IEA Executive Director 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.
“IEA Member Countries have already stepped in to support the global economy with an initial release of millions of barrels of emergency oil stocks, but we can also take action on demand to avoid the risk of a crippling oil crunch.”