IEA urges advanced economies to implement fuel-saving steps to dampen the oil shortage crisis
“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference. “Oil markets are in an emergency situation. And not only that — it may even get worse than today in the next few months.”
By Arghyadeep Dutta
Published - Mar 18, 2022, 03:27 PM ET
Last Updated - Feb 20, 2024, 11:21 PM EST
• Advanced economies could reduce oil demand by 2.7 million bpd within four months
• Proposals include lower speed limits, more public transport
The International Energy Agency on Friday said the countries could dampen the oil shortage caused by Russia’s invasion of Ukraine by restricting the use of cars.
“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference. “Oil markets are in an emergency situation. And not only that — it may even get worse than today in the next few months.”
