The Department of Industry, Science, Energy and Resources leads Australia’s engagement with the IEA and is an active participant in its diverse work program.
The IEA is an autonomous intergovernmental organisation based in Paris that works to ensure reliable, affordable and clean energy for its 29 member countries and beyond. Australia signed the Agreement on an International Energy Program (IEP Treaty) in 1979, becoming a member of the IEA.
As an IEA member and signatory to the IEP Treaty, Australia is required to hold oil stocks equivalent to at least 90 days of the previous year’s average daily net oil imports. The department is working to implement Australia’s compliance plan to address the current shortfall in oil stockholdings. The department's priorities for the IEA include:
- working with the IEA to progress Australia's plan to return to IEP treaty compliance
- promoting the development of efficient, transparent and competitive global energy markets to help address energy access, affordability and security challenges
- promoting market-based development and deployment of technological solutions to reduce carbon emissions from fossil fuel use at least cost to economic growth
- promoting effective engagement with countries in the Asia-Pacific
- contributing to a strong IEA reform and modernisation agenda
As announced by the Honourable Minister for Energy and Emissions Reduction, Angus Taylor, on 22 April 2020, the Australian Government has committed $94 million dollars to purchase, transport and store oil. A commercial process is under way to purchase the oil, which will initially be held in the Strategic Petroleum Reserve (SPR) in the United States. A leasing agreement for the SPR was signed between the two nations on 3 June 2020.
This builds on an arrangement the Australian Government entered into with the United States in March 2020, that allows Australian-owned stocks held in the SPR to be counted toward Australia’s compliance with the IEA’s 90-day stockholding obligation.
IEA In-Depth Review of Australia’s Energy Policies
The IEA periodically conducts extensive analysis of member countries’ energy policies. These In-Depth Reviews provide valuable insights to guide domestic policy development. On 15 February 2018, the IEA released the In-Depth Review of Australia’s Energy Policies, which provides a comprehensive expert assessment of Australia’s energy landscape.
In-Depth Review of Australia’s Energy Policies (executive summary and full report)
COVID-19 International Energy Agency