International Energy Agency - IEA

DEFINITION of 'International Energy Agency - IEA'

An international agency which provides policy advice to 28 member countries. The International Energy Agency (IEA) was founded in 1973-74 during an oil crisis in order to help ensure energy security for member nations. The agency's primary mandate is to focus on the policies regarding the "three Es": energy security, economic development and environmental protection.

BREAKING DOWN 'International Energy Agency - IEA'

An example of one of the IEA's successes is the oil supply crisis of 2005. The crisis was caused by the devastating Hurricane Katrina and was mostly offset by the release of emergency oil stockpiles by IEA member countries. Agreement among IEA members for this type of collective action allows for a more organized response to oil disruptions.