Tuesday, September 17, 2024
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International Energy Agency sets out 10-point plan to reduce global oil demand

The International Energy Agency (IEA) has presented a ten-point proposal to reduce daily fuel demand in the face of the global oil crisis.

According to the agency, if the proposal is implemented expeditiously, the demand for petroleum could be reduced by 2.7 million barrels in the next four months.

At present, the global daily production of petroleum is 88 million barrels, however, the daily global demand for petroleum is 97 million barrels. Accordingly, there is more than 10% more demand than production and this high demand has also contributed to the rise in oil prices.

Reducing demand is the best solution to this situation and the International Energy Agency is proposing a ten-point proposal accordingly.

Reduce speed limits on highways by at least 10 km/h
Work from home up to three days a week where possible
Car-free Sundays in cities
Make public transport cheaper and incentivise walking and cycling
Alternate private car access to roads in large cities (eg every other day)
Increase car-sharing and adopt practices to reduce fuel use
Promote efficient driving for freight trucks and delivery of goods
Using high-speed and night trains instead of planes
Avoid business air travel where alternative options exist
Reinforce the adoption of electric and more efficient vehicles

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