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International Energy Agency

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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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LONDON: The world is closer to a peak in oil supply than International Energy Agency (IEA) estimates admit, UK newspaper The Guardian reported, citing an unidentified "whistleblower" at the IEA.
Byline: Daily Star Staff Summary: The world will use more fuel in the fourth quarter of 2009, marking the first time global oil demand has risen since the second quarter of 2008, the International Energy Agency (IEA) said Thursday.
The latest information suggests "that global (oil) demand is well on track for resumed year-on-year growth in the fourth quarter of 2009, for the first time since the second quarter of 2008," the International Energy Agency said.
 
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