The International Energy Agency is closely monitoring the impacts on oil markets of the Israel-Iran situation.
The oil market is currently well supplied, with non-OPEC+ supply forecast to increase by 1.3 mb/d this year, outpacing expected global demand growth of around 700 kb/d. OECD commercial stocks total more than 2.7 billion barrels.
IEA countries hold more than 1.2 billion barrels of public emergency oil stocks. In addition, 580 million barrels are held by industry under government obligations. The IEA's emergency response system is designed to mitigate the negative economic impacts of sudden oil supply shortages by providing additional oil to the market in the event of a severe disruption.
The IEA was founded in 1974. It has 32 Member countries and 4 countries - Chile, Colombia, Israel and Costa Rica - in the accession process.
