| The International Energy Agency said the world could quickly reduce global oil demand by 2.7 million barrels a day by cutting down on car and plane travel, helping to ease the supply crunch caused by“We are experiencing a major crisis,” IEA Executive Director Fatih Birol said at a press conference on Saturday. “Oil markets are in an emergency situation. And not only that – it may even get worse than today in the next few months.
It urged the countries to adopt the measures in time for the annual peak demand season of July and August.“As a result of Russia’s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” Mr Birol said.
President Vladimir Putin’s invasion of Ukraine has upended global commodity markets, sending prices soaring and prompting an urgent search for alternative sources of energy. Although most countries – excluding the US and UK – have not banned Russian oil imports, and none of its major customers are sanctioning natural gas supplies, there could still be disruptions as buyers voluntarily shun trade with Moscow.
They are going to India and west will buy from old dictators like Iran and Venezuela
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