Opening of the AIE ministerial meeting in Paris

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Ministers from major energy-consuming countries met in Paris to discuss ways to enhance energy security.

The biennial ministerial meeting of the International Energy Agency opened at the agency’s headquarters on Wednesday.

The 30 members of the AIE include Japan, the United States and European countries.

The IEA has warned that “the world may well be facing its biggest oil supply shock in decades” following Russia’s aggression against Ukraine, with “enormous implications” for “economies and societies”.

The question is whether members can take coordinated action to overcome the crisis.

Talking points include reducing Russia’s dependence on oil and natural gas by turning more to other suppliers and other means.

Participants will address energy security challenges, including promoting investment in liquefied natural gas.

The meeting comes as IEA members agreed on March 1 to cushion the impact of soaring crude oil prices by releasing a total of 60 million barrels from their emergency reserves.

The IEA has strengthened its presence by calling on major energy-consuming countries to take coordinated action by proposing specific measures to reduce oil consumption.

The agency plans to release a statement after the meeting wraps up Thursday.

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