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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In a Green Paper, Towards a European Strategy for the Security of Energy Supply, in 2000 the IEA warned that if Russia and the former Soviet republics were called upon to supply the growing markets in east Asia, EU countries could face significant competition and increased prices.
In this report, IEA took into account the International Monetary Fund's recent downgrading of the economic outlook: it reduced by 0.1 percentage points for both 2019 and 2020; its forecast for global GDP growth to 3.2 per cent and 3.5 per cent, respectively.
Lithuanias experience in the energy sector is already interesting and relevant to the members of the IEA now energy security problems are being resolved very successfully by ensuring a diversity of gas and electricity supply sources, and renewable energy is being developing rapidly as well.
IEA chalks up the slowdown to forecasts for weaker economic growth, a return to average weather conditions and diminishing opportunities to switch from coal to gas in electric power plants.
'(Investment in coal plants) was still higher than the levels projected in IEA scenarios, with the largest differences found in Asia, particularly in China, India, and Southeast Asia,' the group added.
The IEA's forecast came just a few weeks after the US exported a record 3.6mbpd, emerging as a major global exporter of petroleum products including refined fuels.
The IEA suggests: "OPEC producers will be squeezed by US shale until the mid-2020s, and OPEC's loss of market power to what was once its biggest customer will continue until the middle of the next decade as US shale oil thrives."
Overall, global supply fell by 1.4 mbd to 99.7 mbd in January, according to the IEA, which said cuts imposed by authorities in the province of Alberta in Canada, which is not party to the Vienna Agreement, also contributed to the reduction.
As for the demand, IEA believes that there is a mixed picture.
The IEA family of companies provides complete engineering, procurement and construction services throughout North America.
M2 EQUITYBITES-May 10, 2018-FMI Advises IEA Services in Merger with M III Acquisition
He accused the IEA of over-stating the role of shale oil and gas in a global market, saying: "We should not be scared.