IEA petroleum reserves Finance Definition
Reserves of crude oil that are held by the
Paris-based International Energy Agency (IEA), which is an independent agency
that is aligned with the Organization for Economic Cooperation and Development,
a think-tank and economic development agency for Europe. The stocks of oil
remain the property of the European countries that contributed them, along with
the United States. The reserves are released during times of supply disruption,
such as the Gulf War in 1991. They also can be released at other times.
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