| When the International Energy Agency (IEA) was established in 1974, it was the energy club of the rich OECD countries, accounting for 75 per cent of oil demand, but it is now less than half due to the rising requirements of the developing countries.
Therefore, the IEA is seeing its base of existence narrowing though more members have joined since. Nobuo Tanaka, the former executive director of IEA, told the Financial Times in March 2010; "Our relevance is under question because half of the energy consumption already is in non-OECD countries. And for oil it is soon coming that the majority of consumption is happening in non-OECD countries.".............................................Full Article: Source
|