International Energy Agency

International Energy Agency Latest News

The head of the International Energy Agency said there is little chance of a return to normal oil market conditions next year, as the ongoing West Asia war keeps prices high. 

About International Energy Agency

• It is an autonomous intergovernmental organisation within the OECD framework.
• It works with governments and industry to shape a secure and sustainable energy future for all.
• Historical Background: It was established in 1974, in the wake of the 1973-1974 oil crisis, to help its members respond to major oil supply disruptions, a role it continues to fulfill today.
• Mandate: Tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation.
• Focus Area: It focuses on four main areas: energy security, economic development, environmental awareness, and engagement worldwide.
• Headquarters: Paris, France.
• Member Countries: It consists of 32 member countries and 14 association countries.
  • A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD).

• India joined this organization in 2017 as an Associate member.
• Reports Published by IEA: World Energy Outlook, World Energy Balances, Energy Technology Perspectives, World Energy Statistics and Net Zero by 2050.

Source: TH

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