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International Energy Agency
(redirected from IEA)

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International Energy Agency
Also called the IEA. An international organization under the OECD that promotes energy security, economic development and environmental protection among member states. It was established to prevent or at least reduce energy crises caused by disruptions in the oil market. As such, it requires member states to maintain oil reserves containing at least 90 days' worth of the previous year's net import of oil. The IEA also provides energy advisory services to both members and non-members. It was established in 1974 and is based in Paris.


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Many inside the organisation believe that maintaining oil supplies at even 90 million to 95 million barrels a day (mbpd) would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further," the Guardian quoted the IEA source as saying.
2 million bpd, following stronger-than-expected preliminary data in North America and buoyant demand in non-OECD Asia and the Middle East, the IEA said.
10 (ANI): The world is running out of oil quicker than it was being claimed by the International Energy Agency (IEA), which has been underplaying an alarming shortage due the fear of panic buying, an IEA official has claimed.
 
 
 
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