Full Title: Energy Supply Security: Emergency Response of IEA Countries, 2014
Author(s): International Energy Agency (IEA)
Publisher(s): International Energy Agency (IEA)
Publication Date: 2014
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The International Energy Agency (IEA) was created in 1974 with a membership of 16 OECD member countries. Its primary mandate was to implement the International Energy Program (I.E.P.), a joint strategy to address oil security issues on an international scale. The programme was a response to the international oil disruption of 1973 and to the wide-ranging macroeconomic problems it generated. Considerable changes have taken place in the energy world in the four decades since the founding of the IEA that have had an impact on both the nature and the scope of energy security.
In mid-2013, emerging market and developing economies overtook the OECD countries in oil consumption for the first time. Techniques such as horizontal drilling and hydraulic fracturing have opened access to oil and gas reserves that were previously considered too challenging or uneconomical to develop. North America is expected to become a net exporter of oil before 2030, while most other major oil-consuming regions and countries will rely on imports to a greater extent. Oil use is also increasingly moving towards Asia- Pacific markets and away from the Atlantic basin.