Society, economy & sport

Founding of International Energy Agency

18 November 1974

The International Energy Agency is an intergovernmental organization founded in Paris in response to the 1973 oil crisis, when Arab members of OPEC imposed an embargo that sent oil prices sharply higher. It was set up within the framework of the Organisation for Economic Co-operation and Development at the urging of the United States, with Henry Kissinger among its promoters, to help industrialized oil-importing countries coordinate their policies. Members agreed to hold emergency oil stocks and to share supplies during a severe disruption. Over time its work has widened to cover all forms of energy, and it is now widely known for its energy statistics, forecasts and annual World Energy Outlook, as well as for analysis of climate-related energy policy.

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