The global oil market is heading for a major disruption.
Dozens of nations, including the US and much of Europe, say they are united in seeking to “radically” reduce imports of Russian oil and gas after its invasion of Ukraine, while ensuring those efforts don’t fuel climate change.
At a two-day meeting of the International Energy Agency (IEA), chaired by US energy secretary Jennifer Granholm, governments floated a raft of ideas to cut energy use, tap new supplies of gas, oil and coal beyond Russia, and ramp up the use of renewable power.
