Energy and climate ministers from around the world have asked the International Energy Agency to expand its role in ensuring global gas security in the face of supply disruptions and price volatility.
Officials requested the agency’s governing board to help countries “diversify gas supplies through regular market monitoring and recommendations,” according to a statement after a two-day ministerial meeting in Paris. They said they welcomed the “strengthening” of the IEA’s role.
After Russia’s invasion of Ukraine two years ago upended the global gas market, nations have rushed to find new suppliers and have grown more exposed to geopolitical risks and disruptions. The global watchdog represents major consuming nations and is meant to support them in ensuring energy security.
“We request the IEA Governing Board, at official level, through appropriate bodies, to exchange information, explore and analyze ways to enhance flexibility, transparency, and security of supply, such as through enhanced gas storage and reserve mechanisms,” the ministers said.