The IEA

Oil security stocks - also known as "strategic oil stocks" or "oil reserve stocks" have long been a concern for all industrialized countries, including France.

Indeed :

• most of these countries are very dependent on oil,
• most of these countries are very important importers of this oil and therefore their economies are vulnerable to supplies.

As early as 1925 and 1928, France demanded oil operators to maintain security stocks through laws.

In 1968, a directive of the European Union, supplemented by others since, established that each country had to hold a minimum stock of petroleum products. This minimum stock is currently equivalent to at least 90 days of average domestic consumption in the previous year for the three product categories:

• Gasoline (including aviation gasoline),
• Diesel oil, domestic fuel, jet fuel,
• Heavy fuel oils.

In 1974, the OECD created the International Energy Agency (IEA). Each country adhering to this Agency must have a stock at least equal to 90 days of the net imports of the previous calendar year. France joined the IEA in 1992.