The International Energy Agency has released a 10-point plan aimed at reducing global oil consumption by as much as 2.7 million barrels daily. The focus of the measure that the IEA has put forward is on transportation. Measures include encouraging carpooling on inter-urban journeys and the use of alternative modes of transportation such as trains and bicycles. Boosting fuel efficiency by changing driver habits in the freight transport industry is also among the ideas that the IEA is suggesting in a bid to cut oil consumption. So is the idea of reducing speed limits on highways to reduce fuel consumption. According to the agency, some 290,000 bpd in oil demand could be eliminated by reducing speed limits on highways. Another half a million barrels daily of oil could be saved if more people adopt a hybrid work model, staying at home for up to three days a week. Yet […]