10-Points Plan To Save Oil by IEA

International Energy Agency’s strategy can save 2.7 million barrels of oil a day.

Amid Russia’s incursion on Ukraine and rising oil prices, there is a need to save fuel to curb severe price hikes. The International Energy Agency has come up with a 10-point strategy created to lessen worldwide oil demand, thus decreasing the potential for rising fuel prices.

If the progressive financial system would follow this plan completely, they could lessen fuel requirements by 2.7 million barrels a day within four months – this comes equal to the fuel demand of all vehicles in China. 

 “This would significantly reduce potential strains at a time when a large number 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 stated.

The plan would likely have a considerable influence on motorists, as it recommends car-free Sundays, rotating days various drivers can drive into towns, and minimising speed restrictions.

“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,” stated IEA Executive Director Fatih Birol, who unveiled this strategy during a meeting with Barbara Pompili - the Minister for the Ecological Transition of France. She presently controls the Premiership of the European Union.

“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,” Dr. Birol added. “Our 10-Point Plan shows this can be done through measures that have already been tested and proven in multiple countries.”

Here is the 10-point agenda proposed by IEA:

• Decrease speed constraints on freeways by 10 km/h in any case

Effect*: Saves about 290 kb/d of oil utilisation from vehicles and another 140 kb/d from trucks.

• Be ready to work from home for up to three days a week where doable

Effect: Working one day a week saves about 170 kb/d; three days take it to 500 kb/d.

• Car-free Sundays in metropolises

Effect: Each Sunday averts about 380 kb/d oil use; one Sunday a month banks 95 kb/d.

• Perform actions to cut public conveyance charges and encourage micromobility, walking, and biking

Effect: Banks around 330 kb/d.

• Substitute private vehicle entry to roads in big municipalities

Effect: Prevents about 210 kb/d oil use.

• Boost vehicle-sharing and embrace actions to cut oil use

Effect: Banks about 470 kb/d.

• Encourage effective motoring for cargo trucks and distribution of things

Effect: Keeps about 320 kb/d.

• Prefer fast-speed and night trains rather than aircraft where achievable

Effect: Saves about 40 kb/d.

• Ditch business airplane journeys where substitute choices exist

Effect: Keeps about 260 kb/d.

• Incentivise the acceptance of electric and more fuel-competent cars

Effect: Banks about 100 kb/d

*(kb/d = thousand barrels of oil a day.)

Would you like to be a part of this plan from IEA? Please share your thoughts with us.

Source: AutoExpress