IEA energy ministers vow to combat oil supply disruptions
Regional-USA, Economics, 4/30/2003

The International Energy Agency (IEA) says its member countries stand ready to counter any disruptions of oil supplies through the "judicious" use of emergency oil stocks, demand restraint and other measures.

Energy ministers from the 26 IEA member countries gathered April 28-29 for a meeting in Paris held once every two years, where they discussed energy security and other issues.

In a final communique issued at the end of the meeting, they said that growing oil demand in major energy-consuming countries requires that those countries establish or boost their emergency stocks to "appropriate" levels.

The IEA vowed to engage Russia and other key non-member countries in its dialogue on energy policy and expressed support for intensified energy security cooperation with them. The Russian energy minister, invited by the IEA, addressed the meeting April 29, according to news reports.

The IEA welcomed the "reinforced" dialogue between oil-producing and oil-consuming countries. This dialogue, it said, had contributed to limiting the effects of a "potentially serious crisis" in world energy markets.

Citing the increasing reliance of many countries' power-generation sectors on natural gas, the energy forum expressed concern about their related dependence on gas imports.

The IEA said that "substantial" new investment will be needed to meet the projected demand for energy, reduce energy-related greenhouse emissions and increase poor communities' access to electricity in less developed countries.

It called for the development of national policies and programs that promote greater diversification of energy sources and energy efficiency.

And citing the prominent role of technological innovation in those efforts, the IEA countries pledged to develop technologies for a hydrogen fuel-based economy.

During the meeting U.S. Energy Secretary Spencer Abraham urged international collaboration on advancing hydrogen energy technologies, primarily hydrogen-powered cars.

IEA President Brian Wilson said this proposal won strong support at the meeting, according to news reports.

The IEA member countries also committed themselves to enhancing the role of renewable energy sources in the energy mix and making basic energy services available to a greater number of the world's poor.

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