{"id":18171,"date":"2023-12-15T09:01:13","date_gmt":"2023-12-15T03:31:13","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=18171"},"modified":"2025-04-05T09:08:36","modified_gmt":"2025-04-05T03:38:36","slug":"iea","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/iea\/","title":{"rendered":"What is International Energy Agency (IEA)?"},"content":{"rendered":"<h2>About International Energy Agency (IEA)<\/h2>\n<ul>\n<li>IEA is an international\u00a0intergovernmental organization\u00a0based in Paris that was established in 1974.<\/li>\n<li>Its stated mandate is to\u00a0maintain\u00a0the stability of the international oil supply.<\/li>\n<li>IEA\u2019s mandate has expanded over time to include tracking and\u00a0analyzing global key energy trends,\u00a0promoting sound energy policy, and fostering multinational\u00a0energy technology cooperation.\u00a0<\/li>\n<li>It was\u00a0created in response to the 1973-1974 oil crisis, when an oil embargo by major producers pushed prices to historic levels and exposed the vulnerability of industrialized countries to dependency on oil imports.\u00a0<\/li>\n<li>The IEA\u00a0operates within the\u00a0broader framework of the Organization for Economic Co-Operation and Development (OECD).\u00a0<\/li>\n<li>Members: It consists of\u00a031 member countries and eleven association countries.<\/li>\n<li>Criteria for membership: A candidate country for the IEA must be a member country of the OECD. In addition, it must demonstrate several requirements. These are:\n<ul>\n<li>\u00a0Crude oil and\/or product reserves are\u00a0equivalent to 90 days of the\u00a0previous year\u2019s net imports,\u00a0to which the\u00a0government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply.<\/li>\n<li>A demand restraint\u00a0programme to reduce national\u00a0oil consumption by up to 10%.<\/li>\n<li>Legislation and organisation to operate the Coordinated Emergency Response Measures\u00a0(CERM) on a national basis.<\/li>\n<li>Legislation and measures to\u00a0ensure that all oil companies under its jurisdiction\u00a0report information upon request.<\/li>\n<li>Measures are in place to\u00a0ensure the capability of contributing its share of an IEA collective action.<\/li>\n<\/ul>\n<\/li>\n<li>India joined this organization\u00a0in 2017 as an Associate member.<\/li>\n<li>Report published by IEA:\u00a0World Energy Outlook<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is the Organization for Economic Co-Operation and Development (OECD)?<\/h3>\n<p>It is an international organization of 38 countries committed to democracy and the market economy. OECD members are typically democratic countries that support free-market economies. The stated goal of the OECD is to shape policies that foster prosperity, equality, opportunity and well-being for all.The organization also seeks to eliminate bribery and other financial crime worldwide. The OECD maintains a so-called &#8220;black list&#8221; of nations that are considered uncooperative tax havens.<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/iea-sees-indian-oil-product-demand-growth-slowing-in-2024-11907661.html\" target=\"_blank\" rel=\"nofollow noopener\"><u>IEA sees Indian oil product demand growth slowing in 2024<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Energy Agency is an international intergovernmental organization based in Paris that was established in 1974.<\/p>\n","protected":false},"author":5,"featured_media":18172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-18171","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/18171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=18171"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/18171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/18172"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=18171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=18171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=18171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}