The International Energy Agency said the world could lessen an oil shortage caused by Russia’s invasion of Ukraine by restricting how people use their cars and accelerating the transformation of cities dominated by the automobile.
“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference on Friday. “Oil markets are in an emergency situation. And not only that -- it may even get worse than today in the next few months.”
Advanced economies could reduce their daily oil demand by 2.7 million barrels within four months by following a 10-step plan, the IEA said. That would