International Energy Agency Reserves
According to a March 2001 agreement, all 28 members of the International Energy Agency must have a strategic petroleum reserve equal to 90 days of prior year's net oil imports for their respective country. Only net-exporter members of the IEA are exempt from the reserve requirement. The exempt countries are Canada, Denmark, Norway, and the United Kingdom. However, Denmark and the UK have both recently created strategic reserves due to their requirements as European Union members.
Read more about this topic: Global Strategic Petroleum Reserves
Famous quotes containing the words energy, agency and/or reserves:
“The principle of avoiding the unnecessary expenditure of energy has enabled the species to survive in a world full of stimuli; but it prevents the survival of the aristocracy.”
—Rebecca West (1892–1983)
“It is possible that the telephone has been responsible for more business inefficiency than any other agency except laudanum.... In the old days when you wanted to get in touch with a man you wrote a note, sprinkled it with sand, and gave it to a man on horseback. It probably was delivered within half an hour, depending on how big a lunch the horse had had. But in these busy days of rush-rush-rush, it is sometimes a week before you can catch your man on the telephone.”
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