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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This surplus crude provides some relief, with Opec's spare production buffer stretched thin as Saudi Arabia - which holds the lion's share of excess capacity -- and its Gulf neighbours pump at near record rates," the IEA said.
The IEA is saying that "Much more resilient non-Opec supply and higher output from a stable Middle East could hold oil prices close to $50 [Dh184] a barrel until the 2020s".
Congratulations to the three winners for this prestigious recognition and a special thanks to the IEA for their partnership in this award," added Dr.
While the price responsiveness of (US shale oil producers) was widely anticipated, the strong performance of some other sources of non-Opec supply defied expectations," said the IEA.
For concentrating solar, which involves mirrors that heat steam to generate electricity, IEA reiterated its vision for about 1,000 gigawatts by 2050 from about four gigawatts now.
The day after the IEA said Iran's April exports were down to 1.
After the IEA report, London Brent crude prices fell, with trading down more than a dollar a barrel, below $115 by mid-morning on Saturday.
The IEA said "countries such as Turkey and South Africa appear to have ramped up imports from Iran" despite the EU sanctions.
The IEA cited a cut by the International Monetary Fund (IMF) in its economic projections with the global economy now expected to expand by 3.
Summary: Libya could recover a quarter of the oil production cut off by the revolt against Moammar Gadhafi by the end of the year and a two thirds by the end of next year, the IEA said Tuesday.
The IEA is a grouping of 28 major oil importing countries.
Most OPEC member states have taken the International Energy Agency's June 23 decision to release 60 million barrels from the strategic petroleum reserves of the IEA member states, or the equivalent of 2 mb/d during the present month, to be a provocative act.