Oil and Gas Emergency Policy: Hungary 2012 update

In 2007, the IEA published Oil Supply Security: Emergency Response of IEA Countries 2007: Emergency Response of IEA Countries. This report provided an overview of the IEA oil emergency response system as well as a detailed look at the specific systems in each IEA country for responding to an oil supply crisis. It represented the findings of a five-year review cycle of the emergency response mechanisms in IEA member countries. Since the 2007 publication, the IEA has started a new cycle of reviews, which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew this publication, the IEA will make available updates to the country chapters as these become available following the country’s review. When Hurricane Katrina hit the Gulf of Mexico in 2005, the region’s oil production and refining infrastructure was devastated and world energy markets were disrupted. The IEA decided in a matter of days to bring 60 million barrels of additional oil to the market. The emergency response system worked – the collective action helped to stabilise global markets.