According to Fatih Birol, the chairman of the International Energy Agency (IEA), the US and EU may face a fuel crisis this summer due to developments in the oil market.
The IEA chairman added that the shortages will disproportionately affect Europe, which is reliant on oil imports as well as oil-derived products, as reported by RIA Novosti.
"Fuel demand will rise as the busy holiday season in Europe and the United States begins. As a result, bottlenecks would emerge, such as with diesel, gasoline, or kerosene, particularly in Europe "the IEA chairman said.
Birol also raised concerns that Europe could have a difficult winter, with rationing of gas usage possible, particularly in nations that import the fuel from Russia.
While EU leaders have not yet considered imposing a Russian gas embargo, such a move has not been ruled out in the wake of promises to phase down purchases.
The only hope, according to the chairman of the IEA, is for a brief and mild winter. He also suggested that lowering conventional heating settings in buildings by two degrees could help to alleviate the situation.
Birol cautioned that the looming fuel crisis is a serious issue that might be far more severe and long-lasting than the 1970s and 1980s oil crises.
As a result, his group unveiled a ten-point proposal to help countries better prepare for Sunday shortages.
Instead of addressing supply difficulties, such as resuming Russian goods purchases, the recommendations focus on reducing EU fuel usage.
The International Energy Agency advocates eliminating personal vehicles from major cities, cutting public transportation charges, and enforcing stiffer speed limits on high-speed highways.
"[These proposals] would not have a significant impact on people's daily lives. We're in the middle of a war, in the midst of an energy crisis, and we'd better get ready for even more terrible times [...] driving a few kilometres slower is a minor concession "he explained.
Other solutions presented by the group include tapping into the IEA's 2 billion barrel international oil reserves. This would, however, be a decision made by the 31 member states.
A nuclear deal with Iran, a fall in Chinese consumption and imports, or a rise in daily output restrictions by a Middle Eastern country like Saudi Arabia might all help to alleviate the issue.
On Monday, the EU took another step toward escalating the issue by prohibiting all naval imports of Russian oil, with the exception of pipeline-supplied oil. In reaction to Moscow's special military campaign in Ukraine, the hard-won move was made.
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