Consumers must work with oil powers to tackle crisis

World oil powers are the first line of defense to combat an energy crisis, but consumer nations, led by the International Energy Agency must develop a new role as their allies, experts say. Set up in the 1970s as a counterweight to OPEC, then at the height of its influence, the IEA now considers itself a collaborator as the producers’ cartel seeks market stability.

OPEC has no power. The IEA has some… The U.S. has not been willing to reduce its demand. I would have said the country with the most responsible energy policy at the moment was China, which has deliberately reined in demand,” she said. China in March announced price rises for oil products as it battles to improve energy efficiency and curb environmental damage, as well as to stem losses at state-owned refineries.

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