IEA Proposes Work From Home, Odd-Even Like Scheme To Face Energy Crisis Amid West Asian War
· Free Press Journal
Work from home, an odd-even scheme for vehicles, and avoiding air travel are some of the measures recommended by the International Energy Agency in a note on Friday to address the energy crisis due to the West Asian war.
The agency said that the closure of the Strait of Hormuz has triggered the largest supply disruption in the history of the global oil market. While the agency will be releasing 400 million barrels of oil into the market, it said supply-side measures alone cannot fully offset the scale of the disruption.
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US Grants 30-Day Waiver To Sell Iranian Oil Stranded At Sea To Stabilise Global Markets Amid Supply ConcernsHence, the agency has come up with 10 recommendations that will allow the world to face the crisis for a longer time. Other recommendations include:
Reducing highway speed limits by at least 10 km/h so that lower speeds decrease fuel use for passenger cars, vans, and trucks
Encouraging a shift from private cars to buses and trains to quickly reduce oil demand
Alternate private car access (number-plate rotation schemes) to roads in large cities on different days to reduce congestion and fuel-intensive driving
Increasing car sharing for higher occupancy and adopting efficient driving practices to lower fuel consumption
Better driving practices, vehicle maintenance, and load optimisation can cut diesel use
Diverting LPG use from transport by shifting bi-fuel and converted vehicles to gasoline to preserve natural gas for cooking and other essential needs
Switching to other modern cooking solutions wherever possible by encouraging electric cooking and other modern options to reduce reliance on LPG
Leveraging flexibility with petrochemical feedstocks and implementing short-term efficiency and maintenance measures. Industry can help free up LPG for essential uses while reducing oil consumption through quick operational improvements
The recommendations come days after the 32-member agency decided to release about 400 million barrels of oil from their strategic reserves to cool down crude prices, which have surged to four-year highs.