Officials Say the World Is , Experiencing an Oil 'Emergency'.
CNN reports experts believe world leaders must now take steps to mitigate the demand for oil as Russia's invasion of Ukraine has resulted in an emerging energy crisis.
CNN reports experts believe world leaders must now take steps to mitigate the demand for oil as Russia's invasion of Ukraine has resulted in an emerging energy crisis.
On March 18, the International Energy Agency (IEA) proposed a 10-point emergency plan to avoid running out of oil.
Measures such as reducing highway speed limits, having employees work from home more regularly, and banning cars in cities on Sundays are just a few of the agency's plans.
Other steps include car-sharing, avoiding air travel when possible and incentivizing citizens to utilize trains, bicycles and public transportation.
Other steps include car-sharing, avoiding air travel when possible and incentivizing citizens to utilize trains, bicycles and public transportation.
Other steps include car-sharing, avoiding air travel when possible and incentivizing citizens to utilize trains, bicycles and public transportation.
The agency says the oil demand would decrease by 2.7 million barrels per day in four months if its plans go into effect.
As Russia is the world's second-leading oil producer, experts say there are few realistic options for quickly replacing supply.
Though such measures could disrupt the world economy, which is heavily reliant on fossil fuels, experts suggest it is what we must do to save the world.
As a result of Russia's appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades... , Faith Birol, IEA Executive Director, via CNN.
The U.S. and other IEA countries now realize that the potential loss of Russia's oil exports constitutes a bigger supply shock... , Bob McNally, president of Rapidan Energy, via CNN.
... than either strategic stock draws or accelerated OPEC+ production hikes can solve, Bob McNally, president of Rapidan Energy, via CNN.
... than either strategic stock draws or accelerated OPEC+ production hikes can solve, Bob McNally, president of Rapidan Energy, via CNN
