Oil 'emergency': Work from home and drive slower, IEA says

Governments around the world must consider drastic steps to slash oil demand in the face of an emerging global energy crisis caused by Russia's invasion of Ukraine, the International Energy Agency warned on Friday.

The energy watchdog detailed a 10-point emergency plan that includes reducing speed limits on highways by at least 6 miles per hour, working from home up to three days a week where possible and car-free Sundays in cities.

The recommendations for advanced economies like the United States and European Union would aim to offset the feared loss of nearly one-third of Russia's oil production due to sanctions leveled on Moscow.

Other steps in the emergency plan include increasing car sharing, using high-speed and night trains instead of planes, avoiding business air travel when possible and incentivizing walking, cycling and public transportation.

If fully implemented, the moves would lower world oil demand by 2.7 million barrels per day within four months -- equal to the oil consumed by all the cars in China, the IEA said. And the impact would be greater if emerging economies like India and China adopted them in part or in full.