Russia’s invasion of Ukraine has thrown global commodity markets into turmoil. The global oil market – in which Russia is the third largest producer and the largest exporter – is one of the most heavily affected. A key way to ease market strains and reduce the economic damage is to reduce oil demand, especially in the short term as the peak demand season approaches.
Demand restraint is one of the emergency response measures that all IEA member countries are required to have ready as a contingency at all times. The International Energy Agency’s new 10-Point Plan to Cut Oil Use will therefore propose 10 actions that can be taken to reduce oil demand with immediate impact – and provide recommendations for how they can help pave the way to putting oil demand onto a more sustainable path in the longer term.
The IEA will launch its 10-Point Plan to Cut Oil Use on Friday, 18 March, at 10:00 AM Paris time, with Barbara Pompili, Minister for Ecological Transition of France, which holds the Presidency of the Council of the European Union; and Fatih Birol, Executive Director of the IEA.
The plan was published on Friday, 18 March. Read it here.