The International Energy Agency Is A Paris Based Autonomous Intergovernmental Organization

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The International Energy Agency is a Paris-based autonomous intergovernmental organization, an international energy forum under the Organization for Economic Development and Cooperation (OECD) . Established in 1974, the IEA was developed by major oil-consuming nations as a response to the 1973-74 oil crisis, initially designed to help the country members coordinate a collective response to major oil supply disruptions – a role that continues to be fulfilled to this very day. Over time the IEA has evolved and expanded and its current mandate includes: tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation (“International Energy Agency”). This history research essay will explore the events leading to the establishment of the International Energy Agency, delve deeper into 1973-1974 oil crisis to which the oil-dependent countries responded by creating the organisation, examine its history and identify its current objectives. Events Leading to the Creation of the IEA The origins of the International Energy Agency can be traced all the way back to the period leading up to the Middle East War crisis of 1973-1974 and the industrial countries’ response to that crisis, where significant changes in economics and politics regarding the international oil market had occurred. Major oil companies had extensive control over the world oil market for years so much that they were able to “influence prices paid

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