The IEA was founded in response to the 1973/4 oil crisis in order to help countries co-ordinate a collective response to major disruptions in oil supply through the release of emergency oil stocks to the markets.
When it was founded, the main objectives of the IEA were:
to maintain and improve systems for coping with oil supply disruptions
to promote rational energy policies in a global context through co-operative relations with non-member countries, industry and international organisations
to operate a permanent information system on the international oil market
to improve the world’s energy supply and demand structure by developing alternative energy sources and increasing the efficiency of energy use
to promote international collaboration on energy technology, and
to assist in the integration of environmental and energy policies.
For more information, read ‘History of the IEA’: Volumes I, II, III, IV