Iran Israel War News | IEA’s Role As West Asia Crisis Sparks Global Energy Fears #NDTV

Set up in 1974 after the oil crisis of the previous year, when Arab nations imposed an oil embargo on Western countries, the IEA helps member countries respond to sudden disruptions in energy supply.

Birol says the current conflict could have a far bigger impact than the 1973 oil crisis, and even the Russia-Ukraine war, with dozens of energy assets already damaged across the region.

The IEA’s key role is crisis response. Member countries hold at least 90 days of oil reserves, which can be released to stabilise markets if supply disruptions worsen.

India is currently an Association country, and discussions for full membership are underway.

#IEA #IranIsraelWarNews #IranWar #NDTVWorld

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