IEA Plan To Cut Oil Use By 2.7mn b/d

Russia’s invasion of Ukraine has exacerbated already tight oil markets, prompting consumers to scramble in search of additional barrels. But with limited extra supply options in the near-term, the IEA is advocating that consumers take action to reduce demand in order to cool the market – and reduce emissions.

On 18 March, the IEA unveiled a ‘10-Point Plan to Cut Oil Use’ in advanced economies, which if implemented fully it estimates will slash consumption by up to 2.7mn b/d within four months. This would offset the 2.5mn b/d drop in Russian exports (3mn b/d production losses: MEES, 18 March) that the agency warns will begin in April. (CONTINUED - 210 WORDS)