531 Ignacio Cartagena Núñez Keeping credibility This gives Saudi Arabia’s preeminence in the OPEC, which has been reinforced by steadily declining production in other OPEC nations. In the case of the IEA, credibility is rather linked to the ability to react to major oil disruptions in a rapid and effective manner, thus acting as an effective security provider. Energy security is such a key issue for IEA’s identity and credibility that even nowadays –when the time of major oil crises seems definitely over- every IEA Governing Board meeting in ministerial format ends up with a special reference to IEA’s “key role in energy security through its emergency preparedness and response mechanisms and its legal instruments”, and stresses “the need to comply with the IEA legal obligations with respect to oil stocks”.12 Security is a key word for the IEA, the same way that energy should be for the Western European Union or NATO. According to Philip Cornell, “the relationship between international security policy and energy policy is not a one-way street. Just as tools of hard power may be able to play a supporting role to improve energy security, energy policy can have a significant impact on the international security environment”.13 This emphasis on energy security14 places IEA in the same sphere as defense organizations. Even if it has evolved into a sort of energy think tank, its credibility remains firmly linked to its energy security capacities. 2. WHAT ARE THE EMERGENCY RESPONSE MECHANISMS, HOW THEY HAVE EVOLVED OVER THE YEARS AND WHAT ROLE THEY PLAY IN IEA’S SIGNALING STRATEGIES. SOME ADVANTAGES OF A BINDING PROTOCOL ON ENERGY SECURITY BETWEEN THE IEA AND ITS NEW PRIORITY COOPERATION COUNTRIES. Asian financial crisis, the increase in output led to a collapse in oil prices. 12 See IEA’s ministerial chair summary, Meeting of the IEA governing board at ministerial level, November 11th, 2013, para 6. 13 See Philip Cornell, Regional and International Energy Security Dynamics: Consequences for NATO’s Search for an Energy Security Role, Geneva Research Papers n 5, GCSP, January 2012. 14 Energy security could be defined as the uninterrupted availability of energy sources at an affordable price.
REVISTA IEEE 4
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