The International Energy Agency on Friday urged governments to implement immediate measures to cut global oil consumption within months following supply fears stemming from Russia’s invasion of Ukraine.
The 10 proposals put forward in a report, including increasing working from home and reducing speed limits, could cut oil consumption among advanced economies “by 2.7 million barrels a day within the next four months,” the IEA said.
The head of the International Energy Agency said on Friday he hoped oil-producing nations would step in to ease supply fears as the Russian invasion of Ukraine sent shockwaves through markets.
IEA Executive Director Fatih Birol said at a press conference he was looking for “some good messages which could help to relieve the strain on the oil markets” after the next meeting of OPEC+.
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