As Russia’s invasion of Ukraine continues to threaten the global oil market, the international energy agency has proposed a 10-point plan designed to lower global demand and reduce the potential for extreme price hikes.
If fully implemented by advanced economies, the IEA claims the plan’s measures would lower oil demand by 2.7 million barrels a day within four months – equivalent to the oil demand of all the cars in China. 

“I can confirm the £10 gallon of fuel has arrived”

“This would significantly reduce potential strains at a time when a large amount 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 organisation said.
The proposals would potentially have a significant impact on drivers, as it suggests automobile free Sundays, alternating the days different motorists can drive into cities, and reducing speed limits.
Advertisement – article continues below

“As a result of Russia’s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with substantial implications for our economies and societies,” said IEA executive director Fatih Birol, who launched the plan at a news conference with Barbara Pompili, the minister for the ecological transition of France, which currently holds the Presidency of the European Union.