International Energy Agency (IEA)
Context:
The International Energy Agency (IEA) has proposed the largest coordinated release of oil from strategic reserves in its history to stabilize soaring crude prices amid the U.S.-Israel war with Iran.
If approved, this emergency release would surpass the previous record of 182 million barrels injected into the market in 2022 following the Russian invasion of Ukraine.
India has officially welcomed this intervention to mitigate global supply disruptions
About the IEA:
The IEA family comprises 32 Member countries, 13 Association countries, and 5 Accession countries.
Notably, India is an Association country, not a full member.
Membership Conditions:
Full membership is highly restricted.
A candidate country must first be a member of the OECD (Organisation for Economic Co-operation and Development).
Strategic Reserves Mandate:
Members are strictly required to maintain crude oil and/or product reserves equivalent to 90 days of the previous year's net imports.
Additionally, they must have a national demand restraint programme capable of reducing oil consumption by up to 10% during severe global supply shocks.
Key Reports:
The IEA regularly publishes authoritative global data via its analysis portal, including the Oil Market Report, Energy Technology Perspectives, and its flagship World Energy Outlook (WEO).