Full Title: IEA Response System for Oil Supply Emergencies
Author(s): International Energy Agency (IEA)
Publisher(s): International Energy Agency (IEA)
Publication Date: January 1, 2012
Full Text: Download Resource
Description (excerpt):
The IEA Response to an Oil Supply Disruption:
- In the event of an actual or potentially severe oil supply disruption, the IEA Directorate of Energy Markets and Security assesses the market impact and the potential need for an IEA co-ordinated response.
- This market assessment includes an estimate of the additional production oil producers can bring to the market quickly, based on consultation with producer governments.
- Based on this assessment, the IEA Executive Director consults with and advises the IEA Governing Board (GB), which is comprised of senior energy officials from member countries who determine the major policy decisions of the IEA. This consultation process to determine the need for an IEA co-ordinated action can be accomplished within 24 hours, if necessary.
- Once a co-ordinated action has been agreed upon, each member country participates by making oil available to the market, according to national circumstances. An individual member country’s share of the total response is generally proportionate to its share of the IEA member countries’ total consumption.
- Throughout this decision-making process and the implementation stage of a decision, industry experts, through the IEA Industry Advisory Board, provide advice and consultation on oil supply/demand and emergency response issues.