The International Energy Agency (IEA) was created in 1974 in response to the 1973-74 oil crisis and is hosted at the OECD in Paris. Its members hold emergency oil stocks and the agency can coordinate collective releases when supply is disrupted. It also publishes the World Energy Outlook and tracks the clean energy transition. India is an 'association country', not a full member.
Key facts
- Created after the 1973-74 oil crisis; hosted at the OECD in Paris; 32 member countries. (as of 23 Oct 2026)
- Collective emergency stock releases: 1991 (Gulf War), 2005 (Katrina), 2011 (Libya), twice in 2022 (Ukraine) and March 2026 (400 million barrels after the Hormuz disruption).
- Executive Director: Fatih Birol of Turkiye, since 2015; India is an association country. (as of 23 Oct 2026)
Latest
The G7 agreed on 2 October 2026 to release 100 million barrels of oil and diesel through the IEA over four months, after disruption in the Strait of Hormuz.
Why exams ask about it
When oil prices spike, setters ask which body coordinates stock releases and distinguish it from OPEC and the IMF.
Pakka yaad trick
OPEC sells oil; the IEA was built by the buyers to survive OPEC.