Day 2 Emergency Response Policy - International Energy Agency

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8 Key Elements of IEA Response Continuous assessment of oil market • Monthly Oil Market Report (OMR) • Size of disruption; OPEC spare capacity ; stocks in OECD • Necessity of IEA action, impact on market Rapid decision making framework • Need for fast, decisive response, market reaction immediate • Delayed, weak or uncoordinated response can cause market confusion and exacerbate the problem Flexibility in response measures • Stocks are key, but other measures possible • Make oil available to the market, not directing – market allocates oil Communication • Dialogue with Members, key NMCs and OPEC • Media strategy to deal with markets © OECD/IEA 2013
IEA Emergency Response System 2002- Initial Contingency Response Plan (ICRP) Standing procedure for • Prompt, first reaction for 30 days • Provides time to consider follow-up action • Broad consultation • Unanimous decision Executive Director can take initiative • GB members decide • No meeting required Attributes country shares of total response, based on normal oil consumption 9 © OECD/IEA 2013
Page 1 and 2: IEA Emergency Response Policies and
Page 3 and 4: Impetus to Establish the IEA 1973/7
Page 5 and 6: Emergency Response Measures Stockdr
Page 7: Stockholding in IEA Regions 7 © OE
Page 11 and 12: What to Check during Emergency Resp
Page 13 and 14: Natural gas response policy Oil res
Page 15 and 16: Question What is the share of OECD
Page 17 and 18: Mtoe Emerging economies continue to
Page 19 and 20: Global Oil Production World Oil Sup
Page 21 and 22: mb/d Changing oil import needs are
Page 23 and 24: Concluding Remarks IEA emergency re

Day 2 Emergency Response Policy - International Energy Agency

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