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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The IEA said: "Damage to production facilities, pipelines, refineries and ports, although believed comparatively light, will need to be fully assessed and security on the ground assured before major increases in production can be expected.
Therefore, the IEA decision to release 60 million barrels of crude oil over 30 days, or 2 million b/d,is only around 2.
In this context, Australia - with five plants currently under construction or committed and a few others close to reaching FID - seems set to become the new Qatar," the IEA said.
4 percent in March, its weakest level since summer 2009, the IEA said.
In addition, Greece's continued fiscal predicament has introduced a further element of economic uncertainty," the IEA warned.
But non-Opec oil supply was expected to decline next year, the IEA said, by around 265,000 bpd to 51.
Although there will be modest upgrades to oil production facilities in Oman, Bahrain and Syria in coming years, Yemen's oil output is seen scaling back by 50,000 bpd for the second half of this year and by 65,000 bpd next year, IEA said.
While lifting the demand outlook for next year, the Paris-based IEA also trimmed its forecast for growth in oil demand in the last quarter of 2007.
I share the opinion of the IEA that the nuclear phase-out as decided will hamper us in reaching our full potential for reduction of CO2 emissions," said Glos.
2, IEA members agreed to offer 60m barrels of crude oil and oil products to ease the supply interruption triggered by a shutdown of oil and refining capacity around the US Gulf.
The IEA announced Friday its 26 members will release a total of 2 million barrels from their strategic oil reserves per day for the initial period of 30 days, after the hurricane severely damaged oil production facilities along the U.
It is very important that Norway, together with the other IEA countries, takes collective, coordinated measures," said foreign minister Jan Petersen in connection with the request that Norway has received from the IEA.