lol lol this in the afr today. yeah sure this gonna happen!! "IEA urges driving restrictions to curb oil demandGrant SmithMar 20, 2022 – 2.59pmSaveShareNew York | The International Energy Agency said the world could quickly reduce global oil demand by 2.7 million barrels a day by cutting down on car and plane travel, helping to ease the supply crunch caused by Russia’s invasion of Ukraine.“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference on Saturday. “Oil markets are in an emergency situation. And not only that – it may even get worse than today in the next few months.”The Paris-based agency said in a report that “practical actions by governments and citizens” could significantly reduce oil demand, make fuel cheaper for consumers, shrink Russia’s hydrocarbon revenue and boost efforts to reduce greenhouse gas emissions. Advanced economies could reduce their daily oil demand by 2.7 million barrels within four months by following a 10-step plan, the IEA said. That would significantly ease looming supply strains by almost offsetting the 3 million barrel-a-day loss of Russian production the agency anticipates for April.It urged the countries to adopt the measures in time for the annual peak demand season of July and August. “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,” Mr Birol said.“These efforts would reduce the price pain being felt by consumers around the world, lessen the economic damage, shrink Russia’s hydrocarbon revenues, and help move oil demand to a more sustainable pathway,” the Paris-based IEA said in its report.President Vladimir Putin’s invasion of Ukraine has upended global commodity markets, sending prices soaring and prompting an urgent search for alternative sources of energy. Although most countries – excluding the US and UK – have not banned Russian oil imports, and none of its major customers are sanctioning natural gas supplies, there could still be disruptions as buyers voluntarily shun trade with Moscow. The IEA’s plan to curtail oil demand includes lower speed limits for cars, urging people to work from home, placing occasional limits on car access to city centres, making public transport cheaper, encouraging carpooling, and greater use of high-speed rail and virtual meetings instead of air travel.Earlier this month, the agency said the European Union could slash imports of Russian gas by a third within a year by increasing purchases from elsewhere, ramping up renewables and boosting energy efficiency.
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