International Energy Agency Totally Explained

Everything about The International Energy Agency totally explained

The International Energy Agency (IEA, or AIE in Romance languages) is a Paris-based intergovernmental organization founded by the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the oil crisis. The IEA was initially dedicated to preventing disruptions in the supply of oil, as well as acting as an information source on statistics about the international oil market and other energy sectors. Recently, they've expanded their mandate to include energy security, economic development, and environmental protection. The latter has focused on mitigating climate change. They have a role in promoting and developing alternate energy sources, rational energy policies, and multinational energy technology co-operation. Until recently, it didn't study nuclear power in detail, except as a contribution to the overall energy balance and economy. Nuclear power is also covered by the Nuclear Energy Agency of the OECD and the International Atomic Energy Agency of the United Nations.
IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of net imports. At the end of June 2007, IEA member countries held a combined stockpile of almost 4.1 billion barrels of oil, 1.5 billion of which governments control for emergency use. Almost 1.6 billion barrels were held in the form of petrol products which need no further processing.
The Executive Director of the IEA is Nobuo Tanaka.

Intervention history

In 1991 Gulf War.
In 2005 IEA released two million barrels a day for a month after Hurricane Katrina affected USA production.

Member States

Only OECD member countries can become members of the IEA.

Current Membership:
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On 7 March 2007, the IEA invited Slovakia to become member of the IEA. To become a member, Slovakia had to complete the internal procedures to accede to the Agreement on an International Energy Program (I.E.P. Agreement), which is the IEA's founding document. This has been successfully accomplished and Slovakia became a member on 30 November, 2007. On 3 October 2007, a membership invitation was also issued to Poland. Remaining OECD members: Iceland and Mexico are not members of the IEA.

Further Information

Get more info on 'International Energy Agency'.

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