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:
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