The International Energy Agency (IEA) has called on member countries to adopt emergency measures to cut oil demand following the invasion of Ukraine.
The IEA envisages as much as 2.5 million barrels a day of Russian oil exports ceasing in the next month due to the war and the sanctions imposed by western countries. Curbs on air travel, driving at lower speeds and even not driving on certain days, are being urged by the Agency to help manage demand as supply constricts.
Oil markets are facing “the biggest supply crisis in decades” according to the Agency - a crisis that threatens to keep prices high and depress economic growth.
