IEA ministers discuss energy security

The 2022 International Energy Agency’s (IEA) ministerial meeting begins today in Paris at a crucial period for the global economy and energy markets, following Russia’s invasion of Ukraine.

The Agency presented a plan to respond to the impacts of the war on the energy market. Points include offering cheaper public transport and reducing air travel, which the IEA claims could lower global oil demand by 2.7 million barrels per day within four months.

Today’s meeting will address the current energy security challenges, including how to accelerate clean energy investment. The IEA foresees the biggest supply crisis in decades, with warnings that three million barrels per day of Russian oil output will be lost starting in April as sanctions go into effect.

Short-term, the IEA hopes its efforts will alleviate the economic damage of reduced reliance on Russian oil and shrink Russia’s hydrocarbon revenues. Longer-term, the IEA aims to move oil demand towards a more sustainable pathway. EU leaders appear open to the Agency’s pleas to take more drastic measures, as the bloc considers joining the US in an oil embargo on Russia. The EU will also discuss working toward a 2027 deadline to end its dependency on Russian energy.