International Energy Agency

About International Energy Agency

• It is an autonomous inter-governmental organisation within the Organisation for Economic Co-operation and Development(OECD) framework.
• Mission: It works with governments and industry to shape a secure and sustainable energy future for all.
• Background
  • It was created 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 industrialised countries to dependency on oil imports. 
  • It was founded in 1974 to ensure the security of oil supplies. 
• Membership: It is made up of 31 member countries, 13 association countries, and 5 accession countries.
• Criteria for membership: A candidate country to the IEA must be a member country of the OECD. In addition, it must demonstrate several requirements.
  • Crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply;
  • A demand restraint programme to reduce national oil consumption by up to 10%;
  • Legislation and organisation to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis;
  • Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request;

Q1) What is the Organisation for Economic Co-operation and Development (OECD)?

It is an international organisation of 38 countries committed to democracy and the market economy. OECD members are typically democratic countries that support free-market economies.The OECD was established on Dec. 14, 1960, by 18 European nations, plus the United States and Canada.

Source: Strong GDP growth, weak monsoon drove up India’s energy-related carbon emissions in 2023: IEA