Oil Supply Security

Every five years, the International Energy Agency publishes an exhaustive report on its Member countries’ preparations to respond to major oil supply disruptions. This review, the first since 1996, finds strong legislative frameworks and administrative structures in each IEA country. Most countries have oil stocks well above the 90 days of net oil imports to which they are committed. IEA countries also have viable demand restraint programmes. Weaknesses in national programmes have been identified and will be corrected. The review provides a complete overview of emergency response potential agency-wide. It also contains detailed country-by-country analyses for 28 countries, including the Czech Republic, the newest IEA member, and the candidate countries Poland, Korea and the Slovak Republic. In each case, an assessment is made of the main emergency response measures, including stockdraw, demand restraint, fuel switching, extra oil production and the sharing of oil supplies. A separate section presents the legislative and regulatory texts underlying each country programme. The IEA was founded in 1974 following the oil shock of 1973. Its main initial objective was to ensure an effective response to any further oil disruption. While much has changed in 26 years, safeguarding the energy security of its Members remains a core mission for the Agency.