The IEA expects an accelerated world abandonment of oil

The International Energy Agency (IEA) expects an acceleration of the world's withdrawal from oil in the current energy crisis.

According to the organization's monthly report, the current energy crisis creates huge challenges for energy markets and may accelerate the abandonment of oil by many countries. This week, the IEA plans to present recommendations on reducing demand in the near future.

The agency reports that there are concrete actions that governments and consumers can take to reduce oil demand and ease market tensions.

The IEA also presented its forecast regarding the supply of Russian oil and petroleum products: their volumes will decrease by 3 million barrels per day. And this could cause a «global supply shock» and force the West to look for alternative energy sources. Which, in turn, will also contribute to accelerating the process of green transition.