"Now the International Energy Agency (IEA) has proposed...measures Western economies could reduce daily oil demand by 2.7 million barrels within four months by restricting how people drive, indicating the move to reduce highway speed could almost offset the 3 million barrel-a-day loss of Russian production for April.
"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," IEA said.
The IEA has unveiled a ten-point action plan it hopes Western countries will implement to curtail oil demand.
- 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 the use of public transport cheaper and incentivise micromobility, walking and cycling
...What is lurking dead ahead is stagflation; what may be lurking beyond that is far, far worse."...Read all!!!!!
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