International Energy Agency

Summary of International Energy Agency

An autonomous group within the organization for Economic Cooperation And Development (read this and related legal terms for further details) established in 1974 to coordinate the responses of the developed, oil-importing countries to the 1973 oil embargo and subsequent price escalations.

With the commencement of IEA operations in 1976, the group has directed its efforts to the following projects; agreed limitations on oil imports, a system of emergency sharing within the Emergency Oil Allocation System, enhanced conservation efforts, and the development of alternative energy sources.

Membership in the IEA consists of:

Australia Austria Belgium Canada Denmark German Federal Republic Greece Ireland Italy Japan

(Main Author: William J. Miller)

Introduction to International Energy Agency

International Energy Agency (IEA), organization founded to establish cooperation between its member countries in matters relating to energy. The major oil-importing nations of the Organization for Economic Cooperation and Development (OECD), set up the IEA in 1974 in response to the oil-pricing powers exercised by the Organization of Petroleum Exporting Countries (OPEC) cartel. Members of the IEA include the United States, Japan, Germany, Italy, France, and 18 other countries. The headquarters of the IEA is in Paris, France.

The aims of the IEA include reducing dependence on oil, finding alternative and cleaner sources of energy, improving ways of coping with energy supply disruptions, and devising a global strategy toward energy developments. To this end it collects information on the oil market and monitors progress in energy research. Its long-term cooperation program aims to safeguard energy supplies and to promote stability in world energy markets by improving relations between oil-producing and oil-consuming countries. Its international energy program commits members to maintaining oil stockpiles and to sharing oil supplies in emergencies.” (1)