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Date Published: 18/03/2022

ARCHIVED - Drive slower and work from home: Energy Agency proposes 10-point plan to cut oil use in Spain

ARCHIVED ARTICLE

International Energy Agency proposes a number of traffic measures to reduce oil demand in Spain and elsewhere amid shortages and price hikes

<span style='color:#780948'>ARCHIVED</span> - Drive slower and work from home: Energy Agency proposes 10-point plan to cut oil use in Spain

The emerging global energy crisis triggered by Russia's invasion of Ukraine has prompted the International Energy Agency (IEA) to draw up a 10-point plan, including slashing speed limits, to cut oil use and put demand onto a "more sustainable path in the long term".

The conflict has thrown global commodity markets into turmoil, and the oil market – in which Russia is a major force – is one of the most heavily affected.

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Russia is the world’s third largest oil producer and the largest oil exporter, and to counter the current and future problems, IEA calculates that if the 10-point plan was applied in developed countries, the equivalent of 2.7 million barrels of oil could be saved every day.

"However, losses could increase should restrictions or public condemnation escalate and a prolonged period of volatility for markets appears likely. The world may face its biggest oil supply shock in decades with huge implications for our economies and societies," added IEA in a statement on Friday March 18.

Hence the rationale for the shock plan, which comes on top of the decision taken by member states earlier this month to release 62.7 million barrels from their strategic reserves to ease market tensions.

So what does the 10-point plan recommend?

Work from home up to three days a week where possible
Reduce speed limits on highways by at least 10km/h
Car-free Sundays in large cities
Make public transport cheaper; incentivise micro-mobility, walking and cycling
Urge car sharing and practices that decrease fuel use
Alternate private car use in large citis
Promote efficient use of freight trucks and goods delivery
Prefer high-speed and night trains to planes where possible
Hasten adoption of electric and more efficient vehicles
Avoid business travel when alternatives exist

"We estimate that the full implementation of these measures in advanced economies alone can cut oil demand by 2.7 million barrels a day within the next four months, relative to current levels.

"Our report focuses on the potential effect of these measures in advanced economies, but their adoption in more countries would further increase their impact. Ensuring local and regional coordination of their implementation would maximise the impact," added IEA.

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