{"id":4529,"date":"2023-01-20T07:56:31","date_gmt":"2023-01-20T02:26:31","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=4529"},"modified":"2025-03-27T00:54:41","modified_gmt":"2025-03-26T19:24:41","slug":"what-is-the-international-energy-agency","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-international-energy-agency\/","title":{"rendered":"What is the International Energy Agency?"},"content":{"rendered":"<h2><strong>About International Energy Agency:<\/strong><\/h2>\n<ul>\n<li><strong>What is it?<\/strong> It is an i<strong>nternational intergovernmental organization based in Paris<\/strong> that was <strong>established in 1974.\u00a0<\/strong><\/li>\n<li><strong>Mandate<\/strong>: To <strong>maintain the stability of the international oil supply.<\/strong><\/li>\n<li>It was <strong>founded in response to the 1973 oil crisis<\/strong>, in which the supply chain for oil temporarily broke down.<\/li>\n<li>IEA <strong>operates within the broader framework<\/strong> of the Organization for Economic Co-Operation and Development <strong>(OECD).<\/strong><\/li>\n<li>As of 2022, the<strong> IEA has 31 member nations.\u00a0<\/strong><\/li>\n<li><strong>India became an associate member of IEA<\/strong> in 2017.<\/li>\n<li>According to the IEA, <strong>a member country must maintain &#8220;crude oil and\/or product reserves equivalent to 90 days of the previous year&#8217;s net imports, to which the government has immediate access <\/strong>(even if it does not own them directly) and could be used to address disruptions to global oil supply.&#8221;<br \/>\n\u00a0<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1)\u00a0What is OECD?<\/h3>\n<p>OECD is a group of 37 member countries that discuss and develop economic and social policy.12 OECD members are typically democratic countries that support free-market economies.<br \/>\n<strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.reuters.com\/markets\/commodities\/chinas-covid-19-reopening-set-push-2023-oil-demand-new-high-iea-2023-01-18\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>China&#8217;s COVID-19 reopening set to push 2023 oil demand to new high -IEA<\/u><\/a><br \/>\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IEA is an intergovernmental organization that works to maintain the stability of the international oil supply.<\/p>\n","protected":false},"author":5,"featured_media":4530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4529","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\/4529","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=4529"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/4529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/4530"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=4529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=4529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=4529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}