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The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
The annual World Energy Outlook (WEO) is the world’s most authoritative source of energy market analysis and projections, providing critical analytical insights into trends in energy demand and supply and what they mean for energy security, environmental protection and economic development. The WEO projections are used by the public and private sector as a framework on which they can base their policy-making, planning and investment decisions and to identify what needs to be done to arrive at a supportable and sustainable energy future.
IEA member countries’ closing oil stock levels in days of net imports monthly data. Each IEA member country, excluding net exporters (Canada, Denmark and Norway), has an obligation to have oil stock levels that equate to no less than 90 days of net imports. The IEA minimum stockholding obligation is based on net imports of all oil, including both primary products (such as crude oil, natural gas liquids [NGLs]) and refined products. It does not cover naphtha and volumes of oil used for international marine bunkers. The 90-day commitment of each IEA member country is based on average daily net imports of the previous calendar year. This commitment can be met through both stocks held exclusively for emergency purposes and stocks held for commercial or operational use, including stocks held at refineries, at port facilities, and in tankers in ports. The obligation specifies several types of stocks that cannot be counted toward the commitment, including military stocks, volumes in tankers at sea, in pipelines or at service stations, or amounts held by end-consumers (tertiary stocks). It also does not include crude oil not yet produced. Member countries can arrange to store oil outside of their national boundaries and include such stocks in meeting their minimum requirement. This option is particularly important for countries in which storage capacity constraints or supply logistics make domestic storage insufficient. To exercise this option and count the stocks held abroad toward the obligation, the governments involved must have bilateral agreements assuring unconditional access to the stocks in an emergency. When evaluating a country's compliance with the 90-day obligation, the IEA applies a 10% deduction to its total stocks, net any oil held under bilateral agreements. This accounts for any volumes that are technically unavailable (such as tank bottoms).
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