- What is it?: It is an international intergovernmental organization based in Paris that was established in 1974.
- Mandate: To maintain the stability of the international oil supply.
- Formation: In response to the 1973 oil crisis, in which the supply chain for oil temporarily broke down.
- IEA operates within the broader framework of the Organization for Economic Co-Operation and Development (OECD).
- Focus Areas
- Energy Security: Promoting diversity, efficiency and flexibility within all energy sectors.
- Economic Development: Ensuring the stable supply of energy to IEA member countries and promoting free markets to foster economic growth and eliminate energy poverty.
- Environmental Awareness: Enhancing international knowledge of options for tackling climate change.
- Engagement Worldwide: Working closely with non-member countries, especially major producers and consumers, to find solutions to shared energy and environmental concerns.
- Membership
- As of 2022, the IEA has 31 member nations.
- India became an associate member of IEA in 2017.
- Major Reports
- World Energy Outlook Report.
- World Energy Investment Report.
- World Energy Statistics.
- World Energy Balances.
- Energy Technology Perspectives.
- India Energy Outlook Report.