The International Energy Agency (AIEA) says the world could quickly reduce global oil demand by 2.7 million barrels a day by cutting down on car and plane travel, helping easing the supply crunch caused by Russia’s invasion of Ukraine.
The Paris-based agency said in a report released Friday that “practical actions by governments and citizens” could significantly reduce oil demand, make fuel cheaper for consumers, shrink Russia’s hydrocarbon revenue and boost efforts to reduce greenhouse gas emissions.
The AIEA said its 10-point plan could, if fully implemented in advanced economies, cut oil demand by same amount as all cars in China within four months.
