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The upheaval in oil and gas markets triggered by Russia’s invasion of Ukraine could accelerate the world’s transition away from fossil fuels, said the International Energy Agency.
Western nations are looking for ways to quickly wean themselves off Russian energy exports. The U.K. and the U.S already announced bans on oil imports from the country and the IEA will publish a report later this week advising its members on how to curb short-term fuel demand.
“Today’s alignment of energy security and economic factors could well accelerate the transition away from oil,” the Paris-based agency said in its monthly report.
Efforts to curtail purchases of Russian energy, plus the impact of surging prices on consumers’ appetite for oil, prompted the IEA to cut its estimate for demand this year by about 1 million barrels a day.
If this forecast holds, the world will once again fail to match the pre-pandemic record for annual average consumption of 100.4 million barrels a day set in 2019.
