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The International Energy Agency has released a 10-point plan aimed at reducing global oil consumption by as much as 2.7 million barrels daily.
The focus of the measure that the IEA has put forward is on transportation. Measures include encouraging carpooling on inter-urban journeys and the use of alternative modes of transportation such as trains and bicycles.
Boosting fuel efficiency by changing driver habits in the freight transport industry is also among the ideas that the IEA is suggesting in a bid to cut oil consumption. So is the idea of reducing speed limits on highways to reduce fuel consumption.
According to the agency, some 290,000 bpd in oil demand could be eliminated by reducing speed limits on highways. Another half a million barrels daily of oil could be saved if more people adopt a hybrid work model, staying at home for up to three days a week.
Yet another 380,000 bpd of oil consumption could be saved, according to the IEA, if large cities ban cars for one day a week. This has been done before, the agency noted in its report, and it has had the added benefit of stimulating the use of alternative, non-polluting, and non-oil-consuming means of transportation such as bicycles and walking.
Lowering public transport prices is also among the measures proposed by the IEA, which noted some cities have done this and have seen increased use of public transport at the expense of private car transport. Encouraging people to walk more instead of driving is also among the ideas of reducing oil consumption. As a result, the IEA says, some 330,000 bpd in oil could be saved.
Increased adoption of EVs is also on the list, with the IEA noting that currently, there are supply chain problems that are affecting the uptake of electric vehicles. To address this, the IEA has proposed “facilitating logistical coordination to shore up flows of materials and components.”
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.