A series of drastic measures have been put forward as countries face spiraling oil coats caused by Russia’s invasion of Ukraine. The International Energy Agency has recommended making people work from home, introducing lower speed limits and making Sundays car-free Sundays as 'emergency measures'.
The agency has come up with a ten-point plan that also includes curbing business flights, making public transport made cheaper or free, and recommending motorists should set their cars’ air conditioning systems 3C warmer this summer. According to The Times, the moves could be needed to battle the “biggest oil supply shock in decades”.
Sanctions and boycotts of Russian oil are likely to remove 2.5 million barrels a day from the markets, creating “a real risk that markets tighten further and oil prices escalate significantly in the coming months” as oil demand typically peaks in July and August, the agency said. But it is believed emergency measures would cut global oil demand by 2.7 million barrels a day within four months.
