How oil demand can be lowered by 2.7 billion barrels in 4 months

How oil demand can be lowered by 2.7 billion barrels in 4 months

By Team Newsable

First Published Mar 19, 2022, 8:40 AM IST
HIGHLIGHTS


IEA says that "emergency measures" should be taken right now to cut the use of fossil fuels

Crude oil prices have been on the rise in the aftermath of the Russian invasion of Ukraine. With Russia remaining belligerent and ignoring American and European sanctions to carry on with its operations against Kyiv, oil rates are bound to increase further. To counter this, the International Energy Agency has suggested 10 measures that governments and consumers can take collectively to lower the demand. Let us take a look.

Step 1: Reduce speed limits on highways by at least 10kmph

Step 2: Work from home up to three days a week where possible

Step 3: Car-free Sundays in large cities

Step 4: Make public transport cheaper. Incentivise walking and cycling

Step 5: Alternate private car use in large cities

Step 6: Use car-sharing and other practices that reduce fuel use

Step 7: Promote efficient use of freight trucks and goods delivery

Step 8: Speed up adoption of electric and more efficient vehicles

Step 9: Prefer high-speed and night trains to planes where possible

Step 10: Avoid business travel when alternatives exist

While stating that "emergency measures" need to be taken immediately to reduce the use of fossil fuels, IEA Executive Director Fatih Birol said that these measures have already been tested and proven in multiple countries.

Also Read: 'Do not politicize...' India counters US jibe over Russian oil deal

The IEA further said that if the world's advanced economies were to completely stick to the 10 points that it has suggested, the demand for oil could be lowered by 2.7 billion barrels within four months.

To note, the IEA is an autonomous body under the Organization for Economic Co-operation and Development. It includes more than 30 member countries. India is an affiliated association country, which denies it voting rights in the IEA.

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