The International Energy Agency formed on the 18th of November 1974 following the 1973 oil crisis. This new body emerged from the Organisation for Economic Co-operation and Development to prevent future supply shocks.
Fatih Birol took office as executive director in late September 2015. He previously served as chief economist within the organization before taking the top role and secured an unprecedented third four-year leadership term.
The agency activated these reserves five times between 1991 and 2022. The first release occurred in January 1991 due to the Gulf War with subsequent activations following hurricanes Katrina and Rita in 2005, the Libyan crisis in 2011, and twice in 2022 following Russia's invasion of Ukraine.
Ukraine joined as an Association country in July 2022 after being formally invited in June. Egypt and Argentina also joined as Association members in March 2022 while Lithuania became the latest addition to full membership in 2022.
In May 2021 the Net Zero by 2050 report presented a comprehensive pathway for global decarbonization. This document introduced the Net Zero Emissions scenario showing how to reach net zero while maintaining secure supplies.