IEA unveils 10-point plan to reduce oil use amidst supply concerns

IEA unveils 10-point plan to reduce oil use amidst supply concerns

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The International Energy Agency (IEA) on Friday unveiled a 10-point plan to reduce oil use focused mostly on reducing transportation as Russia's invasion of Ukraine deepens concerns about supply.

Meanwhile oil continued its rally today as Russia-Ukraine talks stalled. Brent crude futures rose $1.14 a barrel, after rising nearly 9 percent on Thursday.

If fully carried out in advanced economies, the measures recommended by the IEA’s new 10-Point Plan to Cut Oil Use would lower oil demand by 2.7 million barrels a day within four months – equivalent to the oil demand of all the cars in China, according to the IEA.

The IEA’s 10-Point Plan focuses on how to use less oil getting people and goods from A to B, drawing on concrete measures that have already been put to use in a diverse range of countries and cities.

"This would significantly reduce potential strains at a time when a large amount of Russian supplies may no longer reach the market and the peak demand season of July and August is approaching. The measures would have an even greater effect if adopted in part or in full in emerging economies as well," the IEA noted.

The short-term actions proposed by the Paris-based grouping of