Cobas AM: Nueva Gestora de Francisco García Paramés

The IEA was established by the industrialized nations to carefully monitor and ensure
the security of oil supplies after the 1973–1974 oil crisis. Preventing oil shocks caused by unanticipated and severe oil supply disruptions, was its primary goal. In the May 17th paper, Dr. Fatih Birol reiterated the IEA’s primary purpose: “Since the IEA’s founding in 1974, one of its core missions has been to promote secure and affordable energy supply to foster economic growth.” How ironic it is that an agency, originally trusted with the encouragement of oil supply security, is now aggressively adopting policies that will severely hinder the security of those supplies. The IEA’s policies will produce outcomes exactly at odds with their original charter.
The irony is stunning and the unintended consequences will be far reaching.

The biggest unintended consequence is clearly and ironically alluded to in the IEA’s own May 17th press release. The IEA states: “The contraction of oil and gas production will have far-reaching implications for all the countries and companies that produced these fuels. […]
Supplies become increasingly concentrated in a small number of low-cost producers. OPEC’s share of a much-reduced global oil supply grows from around 37% in recent years to 52% in 2050, a level higher than at any point in the history of oil market.”