International Energy Agency (IEA) and Strategic Petroleum Reserves
The IEA was established in 1974 in response to the 1973–74 Arab oil embargo, which exposed the vulnerability of industrialised countries to oil supply disruptions. It operates as an autonomous intergovernmental organisation within the OECD framework, headquartered in Paris.
- Founded: November 1974
- Founding trigger: 1973 Arab oil embargo (OAPEC embargo against the US and allies during the Yom Kippur War)
- Membership requirement: Full members must be OECD members and maintain emergency oil stocks equivalent to at least 90 days of net oil imports
- Current membership: 31 full member countries (as of 2022)
- Total IEA member strategic reserves: approximately 1.2 billion barrels (2026)
- India's status: India is an IEA Association country (not a full member) — joined as an Association country in 2017
- Coordinated releases have occurred in 1991 (Gulf War), 2005 (Hurricane Katrina), 2011 (Libya crisis), and 2022 (Russia-Ukraine war)
● Tracked since March 10, 2026 · last seen April 11, 2026 · updates as the daily brief publishes
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