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Reduce speed limits and car-free Sundays: The IEA has a 10-point plan to cut oil use

Reduce speed limits and car-free Sundays: The IEA has a 10-point plan to cut oil use

Cyclists photographed in Lisbon, Portugal, in October 2018. Kamisoka | Istock Unreleased | Getty Images Speed limits on highways should be cut by at least…

Saturday, Mar 19

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Cyclists photographed in Lisbon, Portugal, in October 2018.

Kamisoka | Istock Unreleased | Getty Images

Speed limits on highways should be cut by at least 10 kilometers per hour (6.2 mph) to help lower oil demand, the International Energy Agency said Friday.

The recommendation is part of a wider 10-point plan published by the Paris-based organization.

“We estimate that the full implementation of these measures in advanced economies alone can cut oil demand by 2.7 million barrels a day within the next four months, relative to current levels,” the IEA’s report said.

The 2.7 million figure equated to the oil demand of all cars in China, it added in a news release. Part or full adoption of the measures in emerging economies would amplify their effect, it also said.

The plan comes at a time when oil markets are facing significant uncertainty and volatility following Russia’s invasion of Ukraine in February.Russia is a major supplier of oil and gas, but its actions in Ukraine have caused several economies to try and find ways to reduce their reliance on Russian hydrocarbons. Read more about clean energy from CNBC Pro Morgan Stanley says buy these stocks with energy security and the transition to renewables in focus Wall Street analysts pick their favorite solar stocks as global energy prices soar Goldman sees 3 oil market scenarios unfolding from Russia-Ukraine war with one taking crude to $175 In a news conference broadcast via Zoom on Friday morning, the IEA’s executive director, Fatih Birol, described oil markets as […]

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