The International Energy Agency is a Paris-based autonomous intergovernmental organization established in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
IEA member countries (excluding crude oil net exporters) are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. As the IEA data shows, by the end of 2014 IEA members have significantly surpassed this obligation. The overall oil stocks levels for IEA member countries has exceeded 220 days of net imports, driven mainly by the enormous increase of oil stocks in the United States.
For now, each IEA member maintains the stock level above 90-day requirement. The only exception is Australia, which has oil reserves only for 52 days of net imports.
For further information about definitions and calculations please visit IEA methodology page.
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