17.9 C
New York
Friday, May 20, 2022

For oil… International Energy calls for telecommuting, banning cars on Sundays and traveling by train instead of plane

- Advertisement -
- Advertisement -

The International Energy Agency on Friday called on governments to implement immediate measures to cut global oil consumption within months, following supply concerns from Russia’s invasion of Ukraine.
The agency said the 10 proposals included in its report, which include increasing remote working and lowering speed limits, could cut consumption in advanced economies by 2.7 million barrels a day over the next four months.

The war in Ukraine led to a sharp rise in fuel prices and prompted major economies such as the United States and Canada to impose sanctions on Russia by banning oil imports.

With the threat of a further decline in Russian oil supplies, there is a risk that markets will tighten further and oil prices will rise significantly in the coming months at a time when the world is entering peak season. demand, according to the agency.

The report concluded that rising crude supplies will fail to alleviate existing pressures, following disappointment following the meeting of OPEC+, the alliance of oil-producing countries led by Russia and Saudi Arabia.
The agency stated that demand may be reduced in the world’s most advanced economies, which account for about 45% of global oil demand.

The 10-point plan, which governments can implement, will focus on transportation, which accounts for “the bulk of oil demand,” and includes lowering the speed limit, working remotely 3 days a week, stopping car use on Sundays and reduce public transport costs. , and increase the use of trains for long-distance flights instead of planes.

Source

- Advertisement -

New Articles