AGREEMENT
ON AN INTERNATIONAL ENERGY PROGRAM
(As amended 20 February 2022)
TABLE OF CONTENTS
PREAMBLE
Article 1
Chapter I
EMERGENCY SELF-SUFFICIENCY
Article 2
Article 3
Article 4
Chapter II
DEMAND RESTRAINT
Article 5
Chapter III
ALLOCATION
Article 6
Article 7
Article 8
Article 9
Article 10
Article 11
Chapter IV
ACTIVATION
Activation:
Article 12
Article 13
Article 14
Article 15
Article 16
Article 17
Article 18
Article 19
Article 20
Article 21
Article 22
Deactivation
Article 23
Article 24
Chapter V
INFORMATION SYSTEM ON THE INTERNATIONAL OIL MARKET
Article 25
Article 26
General Section:
Article 27
Article 28
Article 29
Article 30
Article 31
Special Section:
Article 32
Article 33
Article 34
Article 35
Article 36
Chapter VI
FRAMEWORK FOR CONSULTATION WITH OIL COMPANIES
Article 37
Article 38
Article 39
Article 40
Chapter VII
LONG TERM CO-OPERATION ON ENERGY
Article 41
Article 42
Article 43
Chapter
VIII
RELATIONS WITH PRODUCER COUNTRIES AND WITH OTHER CONSUMER
COUNTRIES
Article 44
Article 45
Article 46
Article 47
Article 48
Chapter IX
INSTITUTIONAL AND GENERAL PROVISIONS
Article 49
Governing Board:
Article 50
Article 51
Article 52
Management Committee:
Article 53
Standing Groups:
Article 54
Article 55
Article 56
Article 57
Article 58
Secretariat:
Article 59
Article 60
Voting:
Article 61
Article 62
Relations with Other Entities:
Article 63
Financial Arrangements:
Article 64
Special Activities:
Article 65
Implementation of the Agreement:
Article 66
Chapter X
FINAL PROVISIONS
Article 67
Article 68
Article 69
Article 70
Article 71
Article 72
Article 73
Article 74
Article 75
Article 76
ANNEX
EMERGENCY RESERVES
Article 1
Article 2
Article 3
Article 4
Article 5
Article 6
Article 7
Article 8
Article 9
AGREEMENT
ON AN INTERNATIONAL ENERGY PROGRAM
(As amended 20 February 2022)
THE GOVERNMENTS OF THE REPUBLIC OF AUSTRIA, THE KINGDOM OF
BELGIUM, CANADA, THE KINGDOM OF DENMARK, THE FEDERAL REPUBLIC OF
GERMANY, IRELAND, THE ITALIAN REPUBLIC, JAPAN, THE GRAND DUCHY OF
LUXEMBOURG, THE KINGDOM OF THE NETHERLANDS, SPAIN, THE KINGDOM OF
SWEDEN, THE SWISS CONFEDERATION, THE REPUBLIC OF TÜRKIYE, THE
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND, AND THE
UNITED STATES OF AMERICA,
DESIRING to promote secure oil supplies on reasonable and
equitable terms,
DETERMINED to take common effective measures to meet oil
supply emergencies by developing an emergency self-sufficiency in
oil supplies, restraining demand and allocating available oil
among their countries on an equitable basis,
DESIRING to promote co-operative relations with oil producing
countries and with other oil consuming countries, including those
of the developing world, through a purposeful dialogue, as well
as through other forms of co-operation, to further the
opportunities for a better understanding between consumer and
producer countries,
MINDFUL of the interests of other oil consuming countries,
including those of the developing world,
DESIRING to play a more active role in relation to the oil
industry by establishing a comprehensive international
information system and a permanent framework for
DETERMINED to reduce their dependence on imported oil by
undertaking long-term co- operative efforts on conservation of
energy, on accelerated development of alternative sources of
energy, on research and development in the energy field and on
uranium enrichment,
CONVINCED that these objectives can only be reached through
continued co-operative efforts within effective organs,
EXPRESSING the intention that such organs be created within
the framework of the Organisation for Economic Co-operation and
Development,
RECOGNISING that other Member countries of the Organisation
for Economic Co- operation and Development may desire to join in
their efforts,
CONSIDERING the special responsibility of governments for
energy supply,
CONCLUDE that it is necessary to establish an International
Energy Program to be implemented through an International Energy
Agency, and to that end,
HAVE AGREED as follows:
Article 1
l. The Participating Countries shall implement the
International Energy Program as provided for in this Agreement
through the International Energy Agency, described in Chapter IX,
hereinafter referred to as the "Agency".
2. The term "Participating Countries" means States
to which this Agreement applies provisionally and States for
which the Agreement has entered into and remains in force.
3. The term "group" means the Participating
Countries as a group.
CHAPTER
I
EMERGENCY SELF-SUFFICIENCY
Article 2
l. The Participating Countries shall establish a common
emergency self-sufficiency in oil supplies. To this end, each
Participating Country shall maintain emergency reserves
sufficient to sustain consumption for at least 60 days with no
net oil imports. Both consumption and net oil imports shall be
reckoned at the average daily level of the previous calendar
year.
2. The Governing Board shall, acting by special majority, not
later than 1st July, 1975, decide the date from which the
emergency reserve commitment of each Participating Country shall,
for the purpose of calculating its supply right referred to in
Article 7, be deemed to be raised to a level of 90 days. Each
Participating Country shall increase its actual level of
emergency reserves to 90 days and shall endeavour to do so by the
date so decided.
3. The term "emergency reserve commitment" means the
emergency reserves equivalent to 60 days of net oil imports as
set out in paragraph 1 and, from the date to be decided according
to paragraph 2, to 90 days of net oil imports as set out in
paragraph 2.
Article 3
1. The emergency reserve commitment set out in Article 2 may
be satisfied by:
‒ oil stocks,
‒ fuel switching capacity,
‒ stand-by oil production,
in accordance with the provisions of the Annex which forms an
integral part of this Agreement.
2. The Governing Board shall, acting by majority, not later
than 1st July, 1975, decide the extent to which the emergency
reserve commitment may be satisfied by the elements mentioned in
paragraph 1.
Article 4
1. The Standing Group on Emergency Questions shall, on a
continuing basis, review the effectiveness of the measures taken
by each Participating Country to meet its emergency reserve
commitment.
2. The Standing Group on Emergency Questions shall report to
the Management Committee, which shall make proposals, as
appropriate, to the Governing Board. The Governing Board may,
acting by majority, adopt recommendations to Participating
Countries.
CHAPTER
II
DEMAND RESTRAINT
Article 5
1. Each Participating Country shall at all times have ready a
program of contingent oil demand restraint measures enabling it
to reduce its rate of final consumption in accordance with
Chapter IV.
2. The Standing Group on Emergency Questions shall, on a
continuing basis, review and assess:
‒ each Participating Country's program of demand restraint
measures,
‒ the effectiveness of measures actually taken by each
Participating Country.
3. The Standing Group on Emergency Questions shall report to
the Management Committee, which shall make proposals, as
appropriate, to the Governing Board. The Governing Board may,
acting by majority, adopt recommendations to Participating
Countries.
CHAPTER
III
ALLOCATION
Article 6
l. Each Participating Country shall take the necessary
measures in order that allocation of oil will be carried out
pursuant to this Chapter and Chapter IV.
2. The Standing Group on Emergency Questions shall, on a
continuing basis, review and assess:
‒ each Participating Country's measures in order that
allocation of oil will be carried out pursuant to this Chapter
and Chapter IV,
‒ the effectiveness of measures actually taken by each
Participating Country.
3. The Standing Group on Emergency Questions shall report to
the Management Committee, which shall make proposals, as
appropriate, to the Governing Board. The Governing Board may,
acting by majority, adopt recommendations to Participating
Countries.
4. The Governing Board shall, acting by majority, decide
promptly on the practical procedures for the allocation of oil
and on the procedures and modalities for the participation of oil
companies therein within the framework of this Agreement.
Article 7
1. When allocation of oil is carried out pursuant to Article
13, 14, or 15, each Participating Country shall have a supply
right equal to its permissible consumption less its emergency
reserve drawdown obligation.
2. A Participating Country whose supply right exceeds the sum
of its normal domestic production and actual net imports
available during an emergency shall have an allocation right
which entitles it to additional net imports equal to that
excess.
3. A Participating Country in which the sum of normal domestic
production and actual net imports available during an emergency
exceeds its supply right shall have an allocation obligation
which requires it to supply, directly or indirectly, the quantity
of oil equal to that excess to other Participating Countries.
This would not preclude any Participating Country from
maintaining exports of oil to non- participating countries.
4. The term "permissible consumption" means the
average daily rate of final consumption allowed when emergency
demand restraint at the applicable level has been activated;
possible further voluntary demand restraint by any Participating
Country shall not affect its allocation right or obligation.
5. The term "emergency reserve drawdown obligation"
means the emergency reserve commitment of any Participating
Country divided by the total emergency reserve commitment of the
group and multiplied by the group supply shortfall.
6. The term "group supply shortfall" means the
shortfall for the group as measured by the aggregate permissible
consumption for the group minus the daily rate of oil supplies
available to the group during an emergency.
7. The term "oil supplies available to the group"
means
‒ all petroleum products imported from outside the group,
and
‒ all finished products and refinery feedstocks which are
produced in association with natural gas and crude oil and are
available to the group.
8. The term "final consumption" means total domestic
consumption of all finished petroleum products.
Article 8
1. When allocation of oil to a Participating Country is
carried out pursuant to Article 17, that Participating Country
shall
‒ sustain from its final consumption the reduction in its oil
supplies up to a level equal to 7 per cent of its final
consumption during the base period,
‒ have an allocation right equal to the reduction in its oil
supplies which results in a reduction of its final consumption
over and above that level.
2. The obligation to allocate this amount of oil is shared
among the other Participating Countries on the basis of their
final consumption during the base period.
3. The Participating Countries may meet their allocation
obligations by any measures of their own choosing, including
demand restraint measures or use of emergency reserves.
Article 9
1. For purposes of satisfying allocation rights and allocation
obligations, the following elements will be included:
‒ all crude oil,
‒ all petroleum products,
‒ all refinery feedstocks, and
‒ all finished products produced in association with natural
gas and crude oil.
2. To calculate a Participating Country's allocation right,
petroleum products normally imported by that Participating
Country, whether from other Participating Countries or from non-
participating countries, shall be expressed in crude oil
equivalent and treated as though they were imports of crude oil
to that Participating Country.
3. Insofar as possible, normal channels of supply will be
maintained as well as the normal supply proportions between crude
oil and products and among different categories of crude oil and
products.
4. When allocation takes place, an objective of the Program
shall be that available crude oil and products shall, insofar as
possible, be shared within the refining and distributing
industries as well as between refining and distributing companies
in accordance with historical supply patterns.
Article 10
1. The objectives of the Program shall include ensuring fair
treatment for all Participating Countries and basing the price
for allocated oil on the price conditions prevailing for
comparable commercial transactions.
2. Questions relating to the price of oil allocated during an
emergency shall be examined by the Standing Group on Emergency
Questions.
Article 11
1. It is not an objective of the Program to seek to increase,
in an emergency, the share of world oil supply that the group had
under normal market conditions. Historical oil trade patterns
should be preserved as far as is reasonable, and due account
should be taken of the position of individual non- participating
countries.
2. In order to maintain the principles set out in paragraph l,
the Management Committee shall make proposals, as appropriate, to
the Governing Board, which, acting by majority, shall decide on
such proposals.
CHAPTER
IV
ACTIVATION
Article 12
Whenever the group as a whole or any Participating Country
sustains or can reasonably be expected to sustain a reduction in
its oil supplies, the emergency measures, which are the mandatory
demand restraint referred to in Chapter II and the allocation of
available oil referred to in Chapter III, shall be activated in
accordance with this Chapter.
Article 13
Whenever the group sustains or can reasonably be expected to
sustain a reduction in the daily rate of its oil supplies at
least equal to 7 per cent of the average daily rate of its final
consumption during the base period, each Participating Country
shall implement demand restraint measures sufficient to reduce
its final consumption by an amount equal to 7 per cent of its
final consumption during the base period, and allocation of
available oil among the Participating Countries shall take place
in accordance with Articles 7, 9, 10 and 11.
Article 14
Whenever the group sustains or can reasonably be expected to
sustain a reduction in the daily rate of its oil supplies at
least equal to 12 per cent of the average daily rate of its final
consumption during the base period, each Participating Country
shall implement demand restraint measures sufficient to reduce
its final consumption by an amount equal to 10 per cent of its
final consumption during the base period, and allocation of
available oil among the Participating Countries shall take place
in accordance with Articles 7, 9, 10 and 11.
Article 15
When cumulative daily emergency reserve drawdown obligations
as defined in Article 7 have reached 50 per cent of emergency
reserve commitments and a decision has been taken in accordance
with Article 20, each Participating Country shall take the
measures so decided, and allocation of available oil among the
Participating Countries shall take place in accordance with
Articles 7, 9, 10 and 11.
Article 16
When demand restraint is activated in accordance with this
Chapter, a Participating Country may substitute for demand
restraint measures use of emergency reserves held in excess of
its emergency reserve commitment as provided in the Program.
Article 17
1. Whenever any Participating Country sustains or can
reasonably be expected to sustain a reduction in the daily rate
of its oil supplies which results in a reduction of the daily
rate of its final consumption by an amount exceeding 7 per cent
of the average daily rate of its final consumption during the
base period, allocation of available oil to that Participating
Country shall take place in accordance with Articles 8 to 11.
2. Allocation of available oil shall also take place when the
conditions in paragraph 1 are fulfilled in a major region of a
Participating Country whose oil market is incompletely
integrated. In this case, the allocation obligation of other
Participating Countries shall be reduced by the theoretical
allocation obligation of any other major region or regions of the
Participating Country concerned.
Article 18
1. The term "base period" means the most recent four
quarters with a delay of one-quarter necessary to collect
information. While emergency measures are applied with regard to
the group or to a Participating Country, the base period shall
remain fixed.
2. The Standing Group on Emergency Questions shall examine the
base period set out in paragraph 1, taking into account in
particular such factors as growth, seasonal variations in
consumption and cyclical changes and shall, not later than 1st
April, 1975, report to the Management Committee. The Management
Committee shall make proposals, as appropriate, to the Governing
Board, which, acting by majority, shall decide on these proposals
not later than 1st July, 1975.
Article 19
1. The Secretariat shall make a finding when a reduction of
oil supplies as mentioned in Article 13, 14 or 17 has occurred or
can reasonably be expected to occur, and shall establish the
amount of the reduction or expected reduction for each
Participating Country and for the group. The Secretariat shall
keep the Management Committee informed of its deliberations, and
shall immediately report its finding to the members of the
Committee and inform the Participating Countries thereof. The
report shall include information on the nature of the
reduction.
2. Within 48 hours of the Secretariat's reporting a
finding, the Committee shall meet to review the accuracy of the
data compiled and the information provided. The Committee shall
report to the Governing Board within a further 48 hours. The
report shall set out the views expressed by the members of the
Committee, including any views regarding the handling of the
emergency.
3. Within 48 hours of receiving the Management Committee's
report, the Governing Board shall meet to review the finding of
the Secretariat in the light of that report. The activation of
emergency measures shall be considered confirmed and
Participating Countries shall implement such measures within 15
days of such confirmation unless the Governing Board, acting by
special majority, decides within a further 48 hours not to
activate the emergency measures, to activate them only in part or
to fix another time limit for their implementation.
4. If, according to the finding of the Secretariat, the
conditions of more than one of the Articles 14, 13 and 17 are
fulfilled, any decision not to activate emergency measures shall
be taken separately for each Article and in the above order. If
the conditions in Article 17 are fulfilled with regard to more
than one Participating Country any decision not to activate
allocation shall be taken separately with respect to each
Country.
5. Decisions pursuant to paragraphs 3 and 4 may at any time be
reversed by the Governing Board, acting by majority.
6. In making its finding under this Article, the Secretariat
shall consult with oil companies to obtain their views regarding
the situation and the appropriateness of the measures to be
taken.
7. An international advisory board from the oil industry shall
be convened, not later than the activation of emergency measures,
to assist the Agency in ensuring the effective operation of such
measures.
Article 20
1. The Secretariat shall make a finding when cumulative daily
emergency reserve drawdown obligations have reached or can
reasonably be expected to reach 50 per cent of emergency reserve
commitments. The Secretariat shall immediately report its finding
to the members of the Management Committee and inform the
Participating Countries thereof. The report shall include
information on the oil situation.
2. Within 72 hours of the Secretariat's reporting such a
finding, the Management Committee shall meet to review the data
compiled and the information provided. On the basis of available
information the Committee shall report to the Governing Board
within a further 48 hours proposing measures required for meeting
the necessities of the situation, including the increase in the
level of mandatory demand restraint that may be necessary. The
report shall set out the views expressed by the members of the
Committee.
3. The Governing Board shall meet within 48 hours of receiving
the Committee's report and proposal. The Governing Board
shall review the finding of the Secretariat and the report of the
Management Committee and shall within a further 48 hours, acting
by special majority, decide on the measures required for meeting
the necessities of the situation, including the increase in the
level of mandatory demand restraint that may be necessary.
Article 21
1. Any Participating Country may request the Secretariat to
make a finding under Article 19 or 20.
2. If, within 72 hours of such request, the Secretariat does
not make such a finding, the Participating Country may request
the Management Committee to meet and consider the situation in
accordance with the provisions of this Agreement.
3. The Management Committee shall meet within 48 hours of such
request in order to consider the situation. It shall, at the
request of any Participating Country, report to the Governing
Board within a further 48 hours. The report shall set out the
views expressed by the members of the Committee and by the
Secretariat, including any views regarding the handling of the
situation.
4. The Governing Board shall meet within 48 hours of receiving
the Management Committee's report. If it finds, acting by
majority, that the conditions set out in Article 13, 14, 15 or 17
are fulfilled, emergency measures shall be activated
accordingly.
Article 22
The Governing Board may at any time decide by unanimity to
activate any appropriate emergency measures not provided for in
this Agreement if the situation so requires.
DEACTIVATION
Article 23
1. The Secretariat shall make a finding when a reduction of
supplies as mentioned in Article 13, 14 or 17 has decreased or
can reasonably be expected to decrease below the level referred
to in the relevant Article. The Secretariat shall keep the
Management Committee informed of its deliberations and shall
immediately report its finding to the members of the Committee
and inform the Participating Countries thereof.
2. Within 72 hours of the Secretariat's reporting a
finding, the Management Committee shall meet to review the data
compiled and the information provided. It shall report to the
Governing Board within a further 48 hours. The report shall set
out the views expressed by the members of the Committee,
including any views regarding the handling of the emergency.
3. Within 48 hours of receiving the Committee's report,
the Governing Board shall meet to review the finding of the
Secretariat in the light of the report from the Management
Committee. The deactivation of emergency measures or the
applicable reduction of the demand restraint level shall be
considered confirmed unless the Governing Board, acting by
special majority, decides within a further 48 hours to maintain
the emergency measures or to deactivate them only in part.
4. In making its finding under this Article, the Secretariat
shall consult with the international advisory board, mentioned in
Article 19, paragraph 7, to obtain its views regarding the
situation and the appropriateness of the measures to be
taken.
5. Any Participating Country may request the Secretariat to
make a finding under this Article.
Article 24
When emergency measures are in force, and the Secretariat has
not made a finding under Article 23, the Governing Board, acting
by special majority, may at any time decide to deactivate the
measures either wholly or in part.
CHAPTER
V
INFORMATION SYSTEM ON THE INTERNATIONAL OIL MARKET
Article 25
l. The Participating Countries shall establish an Information
System consisting of two sections:
‒ General Section on the situation in the international oil
market and activities of oil companies,
‒ Special Section designed to ensure the efficient operation
of the measures described in Chapters I to IV.
2. The System shall be operated on a permanent basis, both
under normal conditions and during emergencies, and in a manner
which ensures the confidentiality of the information made
available.
3. The Secretariat shall be responsible for the operation of
the Information System and shall make the information compiled
available to the Participating Countries.
Article 26
The term "oil companies" means international
companies, national companies, non-integrated companies and other
entities which play a significant role in the international oil
industry.
GENERAL
SECTION
Article 27
1. Under the General Section of the Information System, the
Participating Countries shall, on a regular basis, make available
to the Secretariat information on the precise data identified in
accordance with Article 29 on the following subjects relating to
oil companies operating within their respective
jurisdictions:
(a) Corporate structure;
(b) Financial structure, including balance sheets, profit and
loss accounts, and taxes paid;
(c) Capital investments realised;
(d) Terms of arrangements for access to major sources of crude
oil;
(e) Current rates of production and anticipated changes
therein;
(f) Allocations of available crude supplies to affiliates and
other customers (criteria and realisations);
(g) Stocks;
(h) Cost of crude oil and oil products;
(i) Prices, including transfer prices to affiliates;
(j) Other subjects, as decided by the Governing Board, acting
by unanimity.
2. Each Participating Country shall take appropriate measures
to ensure that all oil companies operating within its
jurisdiction make such information available to it as is
necessary to fulfil its obligations under paragraph 1, taking
into account such relevant information as is already available to
the public or to Governments.
3. Each Participating Country shall provide information on a
non-proprietary basis and on a company and/or country basis as
appropriate, and in such a manner and degree as will not
prejudice competition or conflict with the legal requirements of
any Participating Country relating to competition.
4. No Participating Country shall be entitled to obtain,
through the General Section, any information on the activities of
a company operating within its jurisdiction which could not be
obtained by it from that company by application of its laws or
through its institutions and customs if that company were
operating solely within its jurisdiction.
Article 28
Information provided on a "non-proprietary basis"
means information which does not constitute or relate to patents,
trademarks, scientific or manufacturing processes or
developments, individual sales, tax returns, customer lists or
geological and geophysical information, including maps.
Article 29
1. Within 60 days of the first day of the provisional
application of this Agreement, and as appropriate thereafter, the
Standing Group on the Oil Market shall submit a report to the
Management Committee identifying the precise data within the list
of subjects in Article 27, paragraph 1, which are required for
the efficient operation of the General Section, and specifying
the procedures for obtaining such data on a regular basis.
2. The Management Committee shall review the report and make
proposals to the Governing Board which, within 30 days of the
submission of the report to the Management Committee, and acting
by majority, shall take the decisions necessary for the
establishment and efficient operation of the General Section.
Article 30
In preparing its reports under Article 29, the Standing Group
on the Oil Market shall
‒ consult with oil companies to ensure that the System is
compatible with industry operations;
‒ identify specific problems and issues which are of concern
to Participating Countries;
‒ identify specific data which are useful and necessary to
resolve such problems and issues;
‒ work out precise standards for the harmonization of the
required information in order to ensure comparability of the
data;
‒ work out procedures to ensure the confidentiality of the
information.
Article 31
1. The Standing Group on the Oil Market shall on a continuing
basis review the operation of the General Section.
2. In the event of changes in the conditions of the
international oil market, the Standing Group on the Oil Market
shall report to the Management Committee. The Committee shall
make proposals on appropriate changes to the Governing Board
which, acting by majority, shall decide on such proposals.
SPECIAL
SECTION
Article 32
1. Under the Special Section of the Information System, the
Participating Countries shall make available to the Secretariat
all information which is necessary to ensure the efficient
operation of emergency measures.
2. Each Participating Country shall take appropriate measures
to ensure that all oil companies operating within its
jurisdiction make such information available to it as is
necessary to enable it to fulfil its obligations under paragraph
1 and under Article 33.
3. The Secretariat shall, on the basis of this information and
other information available, continuously survey the supply of
oil to and the consumption of oil within the group and each
Participating Country.
Article 33
Under the Special Section, the Participating Countries shall,
on a regular basis, make available to the Secretariat information
on the precise data identified in accordance with Article 34 on
the following subjects:
(a) Oil consumption and supply;
(b) Demand restraint measures;
(c) Levels of emergency reserves;
(d) Availability and utilisation of transportation
facilities;
(e) Current and projected levels of international supply and
demand;
(f) Other subjects, as decided by the Governing Board, acting
in unanimity.
Article 34
1. Within 30 days of the first day of the provisional
application of this Agreement, the Standing Group on Emergency
Questions shall submit a report to the Management Committee
identifying the precise data within the list of subjects in
Article 33 which are required under the Special Section to ensure
the efficient operation of emergency measures and specifying the
procedures for obtaining such data on a regular basis, including
accelerated procedures in times of emergency.
2. The Management Committee shall review the report and make
proposals to the Governing Board which, within 30 days of the
submission of the report to the Management Committee, and acting
by majority, shall take the decisions necessary for the
establishment and efficient operation of the Special Section.
Article 35
In preparing its report under Article 34, the Standing Group
on Emergency Questions shall:
- consult with oil companies to ensure that the System is
compatible with industry operations;
- work out precise standards for the harmonization of the
required information in order to ensure comparability of the
data;
- work out procedures to ensure the confidentiality of the
information.
Article 36
The Standing Group on Emergency Questions shall on a
continuing basis review the operation of the Special Section and
shall, as appropriate, report to the Management Committee. The
Committee shall make proposals on appropriate changes to the
Governing Board, which, acting by majority, shall decide on such
proposals.
CHAPTER
VI
FRAMEWORK FOR CONSULTATION WITH OIL COMPANIES
Article 37
1. The Participating Countries shall establish within the
Agency a permanent framework for consultation within which one or
more Participating Countries may, in an appropriate manner,
consult with and request information from individual oil
companies on all important aspects of the oil industry, and
within which the Participating Countries may share among
themselves on a co-operative basis the results of such
consultations.
2. The framework for consultation shall be established under
the auspices of the Standing Group on the Oil Market.
3. Within 60 days of the first day of the provisional
application of this Agreement, and as appropriate thereafter, the
Standing Group on the Oil Market, after consultation with oil
companies, shall submit a report to the Management Committee on
the procedures for such consultations. The Management Committee
shall review the report and make proposals to the Governing
Board, which, within 30 days of the submission of the report to
the Management Committee, and acting by majority, shall decide on
such procedures.
Article 38
1. The Standing Group on the Oil Market shall present a report
to the Management Committee on consultations held with any oil
company within 30 days thereof.
2. The Management Committee shall consider the report and may
make proposals on appropriate co-operative action to the
Governing Board, which shall decide on such proposals.
Article 39
1. The Standing Group on the Oil Market shall, on a continuing
basis, evaluate the results of the consultations with and the
information collected from oil companies.
2. On the basis of these evaluations, the Standing Group may
examine and assess the international oil situation and the
position of the oil industry and shall report to the Management
Committee.
3. The Management Committee shall review such reports and make
proposals on appropriate co-operative action to the Governing
Board, which shall decide on such proposals.
Article 40
The Standing Group on the Oil Market shall submit annually a
general report to the Management Committee on the functioning of
the framework for consultation with oil companies.
CHAPTER
VII
LONG TERM CO-OPERATION ON ENERGY
Article 41
1. The Participating Countries are determined to reduce over
the longer term their dependence on imported oil for meeting
their total energy requirements.
2. To this end, the Participating Countries will undertake
national programs and promote the adoption of co-operative
programs, including, as appropriate, the sharing of means and
efforts, while concerning national policies, in the areas set out
in Article 42.
Article 42
1. The Standing Group on Long Term Co-operation shall examine
and report to the Management Committee on co-operative action.
The following areas shall in particular be considered:
(a) Conservation of energy, including co-operative programs
on
- exchange of national experiences and information on energy
conservation;
- ways and means for reducing the growth of energy consumption
through conservation.
(b) Development of alternative sources of energy such as
domestic oil, coal, natural gas, nuclear energy and
hydro-electric power, including co-operative programs on
- exchange of information on such matters as resources, supply
and demand, price and taxation;
- ways and means for reducing the growth of consumption of
imported oil through the development of alternative sources of
energy;
- concrete projects, including jointly financed projects;
- criteria, quality objectives and standards for environmental
protection.
(c) Energy research and development, including as a matter of
priority co-operative programs on
- coal technology;
- solar energy;
- radioactive waste management;
- controlled thermonuclear fusion;
- production of hydrogen from water;
- nuclear safety;
- waste heat utilisation;
- conservation of energy;
- municipal and industrial waste utilisation for energy
conservation;
- overall energy system analysis and general studies.
(d) Uranium enrichment, including co-operative programs
- to monitor developments in natural and enriched uranium
supply;
- to facilitate development of natural uranium resources and
enrichment services;
- to encourage such consultations as may be required to deal
with international issues that may arise in relation to the
expansion of enriched uranium supply;
- to arrange for the requisite collection, analysis and
dissemination of data related to the planning of enrichment
services.
2. In examining the areas of co-operative action, the Standing
Group shall take due account of ongoing activities elsewhere.
3. Programs developed under paragraph 1 may be jointly
financed. Such joint financing may take place in accordance with
Article 64, paragraph 2.
Article 43
1. The Management Committee shall review the reports of the
Standing Group and make appropriate proposals to the Governing
Board, which shall decide on these proposals not later than 1st
July, 1975.
2. The Governing Board shall take into account possibilities
for co-operation within a broader framework.
CHAPTER
VIII
RELATIONS WITH PRODUCER COUNTRIES AND WITH OTHER
CONSUMER COUNTRIES
Article 44
The Participating Countries will endeavour to promote
co-operative relations with oil producing countries and with
other oil consuming countries, including developing countries.
They will keep under review developments in the energy field with
a view to identifying opportunities for and promoting a
purposeful dialogue, as well as other forms of co-operation, with
producer countries and with other consumer countries.
Article 45
To achieve the objectives set out in Article 44, the
Participating Countries will give full consideration to the needs
and interests of other oil consuming countries, particularly
those of the developing countries.
Article 46
The Participating Countries will, in the context of the
Program, exchange views on their relations with oil producing
countries. To this end, the Participating Countries should inform
each other of co-operative action on their part with producer
countries which is relevant to the objectives of the Program.
Article 47
The Participating Countries will, in the context of the
Program
(a) seek, in the light of their continuous review of
developments in the international energy situation and its effect
on the world economy, opportunities and means of encouraging
stable international trade in oil and of promoting secure oil
supplies on reasonable and equitable terms for each Participating
Country;
(b) consider, in the light of work going on in other
international organisations, other possible fields of
co-operation including the prospects for co-operation in
accelerated industrialisation and socio-economic development in
the principal producing areas and the implications of this for
international trade and investment;
(c) keep under review the prospects for co-operation with oil
producing countries on energy questions of mutual interest, such
as conservation of energy, the development of alternative
sources, and research and development.
Article 48
1. The Standing Group on Relations with Producer and other
Consumer Countries will examine and report to the Management
Committee on the matters described in this Chapter.
2. The Management Committee may make proposals on appropriate
co-operative action regarding these matters to the Governing
Board, which shall decide on such proposals.
CHAPTER
IX
INSTITUTIONAL AND GENERAL PROVISIONS
Article 49
1. The Agency shall have the following organs:
‒ Governing Board
‒ Management Committee
‒ Standing Groups on:
‒ Emergency Questions
‒ The Oil Market
‒ Long Term Co-operation
‒ Relations with Producer and Other Consumer Countries.
2. The Governing Board or the Management Committee may, acting
by majority, establish any other organ necessary for the
implementation of the Program.
3. The Agency shall have a Secretariat to assist the organs
mentioned in paragraphs 1 and 2.
GOVERNING
BOARD
Article 50
1. The Governing Board shall be composed of one or more
ministers or their delegates from each Participating Country.
2. The Governing Board, acting by majority, shall adopt its
own rules of procedure. Unless otherwise decided in the rules of
procedure, these rules shall also apply to the Management
Committee and the Standing Groups.
3. The Governing Board, acting by majority, shall elect its
Chairman and Vice-Chairmen.
Article 51
1. The Governing Board shall adopt decisions and make
recommendations which are necessary for the proper functioning of
the Program.
2. The Governing Board shall review periodically and take
appropriate action concerning developments in the international
energy situation, including problems relating to the oil supplies
of any Participating Country or Countries, and the economic and
monetary implications of these developments. In its activities
concerning the economic and monetary implications of developments
in the international energy situation, the Governing Board shall
take into account the competence and activities of international
institutions responsible for overall economic and monetary
questions.
3. The Governing Board, acting by majority, may delegate any
of its functions to any other organ of the Agency.
Article 52
1. Subject to Article 61, paragraph 2, and Article 65,
decisions adopted pursuant to this Agreement by the Governing
Board or by any other organ by delegation from the Board shall be
binding on the Participating Countries.
2. Recommendations shall not be binding.
MANAGEMENT
COMMITTEE
Article 53
1. The Management Committee shall be composed of one or more
senior representatives of the Government of each Participating
Country.
2. The Management Committee shall carry out the functions
assigned to it in this Agreement and any other function delegated
to it by the Governing Board.
3. The Management Committee may examine and make proposals to
the Governing Board, as appropriate, on any matter within the
scope of this Agreement.
4. The Management Committee shall be convened upon the request
of any Participating Country.
5. The Management Committee, acting by majority, shall elect
its Chairman and Vice- Chairmen.
STANDING
GROUPS
Article 54
1. Each Standing Group shall be composed of one or more
representatives of the Government of each Participating
Country.
2. The Management Committee, acting by majority, shall elect
the Chairmen and Vice- Chairmen of the Standing Groups.
Article 55
1. The Standing Group on Emergency Questions shall carry out
the functions assigned to it in Chapters I to V and the Annex and
any other function delegated to it by the Governing Board.
2. The Standing Group may review and report to the Management
Committee on any matter within the scope of Chapters I to V and
the Annex.
3. The Standing Group may consult with oil companies on any
matter within its competence.
Article 56
1. The Standing Group on the Oil Market shall carry out the
functions assigned to it in Chapters V and VI and any other
function delegated to it by the Governing Board.
2. The Standing Group may review and report to the Management
Committee on any matter within the scope of Chapters V and
VI.
3. The Standing Group may consult with oil companies on any
matter within its competence.
Article 57
1. The Standing Group on Long Term Co-operation shall carry
out the functions assigned to it in Chapter VII and any other
function delegated to it by the Governing Board.
2. The Standing Group may review and report to the Management
Committee on any matter within the scope of Chapter VII.
Article 58
1. The Standing Group on Relations with Producer and other
Consumer Countries shall carry out the functions assigned to it
in Chapter VIII and any other function delegated to it by the
Governing Board.
2. The Standing Group may review and report to the Management
Committee on any matter within the scope of Chapter VIII.
3. The Standing Group may consult with oil companies on any
matter within its competence.
SECRETARIAT
Article 59
1. The Secretariat shall be composed of an Executive Director
and such staff as is necessary.
2. The Executive Director shall be appointed by the Governing
Board.
3. In the performance of their duties under this Agreement the
Executive Director and the staff shall be responsible to and
report to the organs of the Agency.
4. The Governing Board, acting by majority, shall take all
decisions necessary for the establishment and the functioning of
the Secretariat.
Article 60
The Secretariat shall carry out the functions assigned to it
in this Agreement and any other function assigned to it by the
Governing Board.
VOTING
Article 61
1. The Governing Board shall adopt decisions and
recommendations for which no express voting provision is made in
this Agreement, as follows:
(a) by majority:
- decisions on the management of the Program, including
decisions applying provisions of this Agreement which already
impose specific obligations on Participating Countries
- decisions on procedural questions
- recommendations
(b) by unanimity:
- all other decisions, including in particular decisions which
impose on Participating Countries new obligations not already
specified in this Agreement.
2. Decisions mentioned in paragraph 1 (b) may
provide:
(a) that they shall not be binding on one or more
Participating Countries;
(b) that they shall be binding only under certain
conditions.
Article 62
1. Unanimity shall require all of the votes of the
Participating Countries present and voting. Countries abstaining
shall be considered as not voting.
2. When majority or special majority is required, the
Participating Countries shall have the following voting
weights:
| |
General voting weights |
Oil
Consumption voting weights |
Combined voting weights |
| Australia |
3 |
1 |
4 |
| Austria |
3 |
1 |
4 |
| Belgium |
3 |
1 |
4 |
| Canada |
3 |
4 |
7 |
| Czech Republic |
3 |
1 |
4 |
| Denmark |
3 |
1 |
4 |
| Estonia |
3 |
0 |
3 |
| Finland |
3 |
1 |
4 |
| France |
3 |
6 |
9 |
| Germany |
3 |
7 |
10 |
| Greece |
3 |
0 |
3 |
| Hungary |
3 |
0 |
3 |
| Ireland |
3 |
0 |
3 |
| Italy |
3 |
5 |
8 |
| Japan |
3 |
14 |
17 |
| Korea (Republic of) |
3 |
1 |
4 |
| Lithuania |
3 |
0 |
3 |
| Luxembourg |
3 |
0 |
3 |
| Mexico |
3 |
2 |
5 |
| The Netherlands |
3 |
1 |
4 |
| New Zealand |
3 |
0 |
3 |
| Poland |
3 |
1 |
4 |
| Portugal |
3 |
0 |
3 |
| Slovak Republic |
3 |
0 |
3 |
| Spain |
3 |
2 |
5 |
| Sweden |
3 |
2 |
5 |
| Switzerland |
3 |
1 |
4 |
| Republic of Türkiye |
3 |
1 |
4 |
| United Kingdom |
3 |
5 |
8 |
| United States |
3 |
42 |
45 |
| Totals |
90 |
100 |
190 |
3. Majority shall require 60 per cent of the total combined
voting weights and 50 per cent of the general voting weights
cast.
4. Special majority shall require:
(a) 60 per cent of the total combined voting weights and 68
general voting weights for:
- the decision under Article 2, paragraph 2, relating to the
increase in the emergency reserve commitment;
- decisions under Article 19, paragraph 3, not to activate the
emergency measures referred to in Articles 13 and 14;
- decisions under Article 20, paragraph 3, on the measures
required for meeting the necessities of the situation;
- decisions under Article 23, paragraph 3, to maintain the
emergency measures referred to in Articles 13 and 14;
- decisions under Article 24 to deactivate the emergency
measures referred to in Articles 13 and 14.
(b) 81 general voting weights for:
- decisions under Article 19, paragraph 3, not to activate the
emergency measures referred to in Article 17;
- decisions under Article 23, paragraph 3, to maintain the
emergency measures referred to in Article 17;
- decisions under Article 24 to deactivate the emergency
measures referred to in Article 17.
5. The Governing Board, acting by unanimity, shall decide on
the necessary increase, decrease, and redistribution of the
voting weights referred to in paragraph 2, as well as on
amendment of the voting requirements set out in paragraphs 3 and
4 in the event that
‒ Country accedes to this Agreement in accordance with Article
71, or
‒ Country withdraws from this Agreement in accordance with
Article 68, paragraph 2, or Article 69, paragraph 2.
6. The Governing Board shall review annually the number and
distribution of voting weights specified in paragraph 2, and, on
the basis of such review, acting by unanimity, shall decide
whether such voting weights should be increased or decreased, or
redistributed, or both, because a change in any Participating
Country's share in total oil consumption has occurred or for
any other reason.
7. Any change in paragraph 2, 3 or 4 shall be based on the
concepts underlying those paragraphs and paragraph 6.
RELATIONS WITH
OTHER ENTITIES
Article 63
In order to achieve the objectives of the Program, the Agency
may establish appropriate relations with non-participating
countries, international organisations, whether governmental or
non- governmental, other entities and individuals.
FINANCIAL
ARRANGEMENTS
Article 64
1. The expenses of the Secretariat and all other common
expenses shall be shared among all Participating Countries
according to a scale of contributions elaborated according to the
principles and rules set out in the Annex to the "OECD
Resolution of the Council on Determination of the Scale of
Contributions by Member Countries to the Budget of the
Organisation" of 10th December, 1963. After the first year
of application of this Agreement, the Governing Board shall
review this scale of contributions and, acting by unanimity,
shall decide upon any appropriate changes in accordance with
Article 73.
2. Special expenses incurred in connection with special
activities carried out pursuant to Article 65 shall be shared by
the Participating Countries taking part in such special
activities in such proportions as shall be determined by
unanimous agreement between them.
3. The Executive Director shall, in accordance with the
financial regulations adopted by the Governing Board and not
later than 1st October of each year, submit to the Governing
Board a draft budget including personnel requirements. The
Governing Board, acting by majority, shall adopt the budget.
4. The Governing Board, acting by majority, shall take all
other necessary decisions regarding the financial administration
of the Agency.
5. The financial year shall begin on 1st January and end on
31st December of each year. At the end of each financial year,
revenues and expenditures shall be submitted to audit.
SPECIAL
ACTIVITIES
Article 65
1. Any two or more Participating Countries may decide to carry
out within the scope of this Agreement special activities, other
than activities which are required to be carried out by all
Participating Countries under Chapters I to V. Participating
Countries which do not wish to take part in such special
activities shall abstain from taking part in such decisions and
shall not be bound by them. Participating Countries carrying out
such activities shall keep the Governing Board informed
thereof.
2. For the implementation of such special activities, the
Participating Countries concerned may agree upon voting
procedures other than those provided for in Articles 61 and
62.
IMPLEMENTATION
OF THE AGREEMENT
Article 66
Each Participating Country shall take the necessary measures,
including any necessary legislative measures, to implement this
Agreement and decisions taken by the Governing Board.
CHAPTER
X
FINAL PROVISIONS
Article 67
1. Each Signatory State shall, not later than 1st May, 1975,
notify the Government of Belgium that, having complied with its
constitutional procedures, it consents to be bound by this
Agreement.
2. On the tenth day following the day on which at least six
States holding at least 60 per cent of the combined voting
weights mentioned in Article 62 have deposited a notification of
consent to be bound or an instrument of accession, this Agreement
shall enter into force for such States.
3. For each Signatory State which deposits its notification
thereafter, this Agreement shall enter into force on the tenth
day following the day of deposit.
4. The Governing Board, acting by majority, may upon request
from any Signatory State decide to extend, with respect to that
State, the time limit for notification beyond 1st May, 1975.
Article 68
1. Notwithstanding the provisions of Article 67, this
Agreement shall be applied provisionally by all Signatory States,
to the extent possible not inconsistent with their legislation,
as from 18th November, 1974 following the first meeting of the
Governing Board.
2. Provisional application of the Agreement shall continue
until:
‒ the Agreement enters into force for the State concerned in
accordance with Article 67, or
‒ 60 days after the Government of Belgium receives
notification that the State concerned will not consent to be
bound by the Agreement, or
‒ the time limit for notification of consent by the State
concerned referred to in Article 67 expires.
Article 69
1. This Agreement shall remain in force for a period of ten
years from the date of its entry into force and shall continue in
force thereafter unless and until the Governing Board, acting by
majority, decides on its termination.
2. Any Participating Country may terminate the application of
this Agreement for its part upon twelve months' written
notice to the Government of Belgium to that effect, given not
less than three years after the first day of the provisional
application of this Agreement.
Article 70
1. Any State may, at the time of signature, notification of
consent to be bound in accordance with Article 67, accession or
at any later date, declare by notification addressed to the
Government of Belgium that this Agreement shall apply to all or
any of the territories for whose international relations it is
responsible, or to any territories within its frontiers for whose
oil supplies it is legally responsible.
2. Any declaration made pursuant to paragraph 1 may, in
respect of any territory mentioned in such declaration, be
withdrawn in accordance with the provisions of Article 69,
paragraph 2.
Article 71
1. This Agreement shall be open for accession by any Member of
the Organisation for Economic Co-operation and Development which
is able and willing to meet the requirements of the Program. The
Governing Board, acting by majority, shall decide on any request
for accession.
2. This Agreement shall enter into force for any State whose
request for accession has been granted on the tenth day following
the deposit of its instrument of accession with the Government of
Belgium, or on the date of entry into force of the Agreement
pursuant to Article 67, paragraph 2, whichever is the later.
3. Accession may take place on a provisional basis under the
conditions set out in Article 68, subject to such time limits as
the Governing Board, acting by majority, may fix for an acceding
State to deposit its notification of consent to be bound.
Article 72
1. This Agreement shall be open for accession by the European
Communities.
2. This Agreement shall not in any way impede the further
implementation of the treaties establishing the European
Communities.
Article 73
This Agreement may at any time be amended by the Governing
Board, acting by unanimity. Such amendment shall come into force
in a manner determined by the Governing Board, acting by
unanimity and making provision for Participating Countries to
comply with their respective constitutional procedures.
Article 74
This Agreement shall be subject to a general review after 1st
May, 1980.
Article 75
The Government of Belgium shall notify all Participating
Countries of the deposit of each notification of consent to be
bound in accordance with Article 67, and of each instrument of
accession, of the entry into force of this Agreement or any
amendment thereto, of any denunciation thereof, and of any other
declaration or notification received.
Article 76
The original of this Agreement, of which the English, French
and German texts are equally authentic, shall be deposited with
the Government of Belgium, and a certified copy thereof shall be
furnished to each other Participating Country by the Government
of Belgium.
ANNEX
EMERGENCY RESERVES
Article 1
1. Total oil stocks are measured according to the OECD and EEC
definitions, revised as follows:
A. Stocks included:
crude oil, major products and unfinished oils held
- in refinery tanks
- in bulk terminals
- in pipeline tankage
- in barges
- in intercoastal tankers
- in oil tankers in port
- in inland ship bunkers
- in storage tank bottoms
- in working stocks
- by large consumers as required by law or otherwise
controlled by Governments.
B. Stocks excluded:
(a) crude oil not yet produced
(b) crude oil, major products and unfinished oils held
- in pipelines
- in rail tank cars
- in truck tank cars
- in seagoing ships' bunkers
- in service stations and retail stores
- by other consumers
- in tankers at sea
- as military stocks.
2. That portion of oil stocks which can be credited toward
each Participating Country's emergency reserve commitment is its
total oil stocks under the above definition minus those stocks
which can be technically determined as being absolutely
unavailable in even the most severe emergency. The Standing Group
on Emergency Questions shall examine this concept and report on
criteria for the measurement of absolutely unavailable
stocks.
3. Until a decision has been taken on this matter, each
Participating Country shall subtract 10 per cent from its total
stocks in measuring its emergency reserves.
4. The Standing Group on Emergency Questions shall examine and
report to the Management Committee on:
(a) the modalities of including naphtha for uses other than
motor and aviation gasoline in the consumption against which
stocks are measured,
(b) the possibility of creating common rules for the treatment
of marine bunkers in an emergency, and of including marine
bunkers in the consumption against which stocks are measured,
(c) the possibility of creating common rules concerning demand
restraint for aviation bunkers,
(d) the possibility of crediting towards emergency reserve
commitments some portion of oil at sea at the time of activation
of emergency measures,
(e) the possibility of increasing supplies available in an
emergency through savings in the distribution system.
Article 2
1. Fuel switching capacity is defined as normal oil
consumption that may be replaced by other fuels in an emergency,
provided that this capacity is subject to government control in
an emergency, can be brought into operation within one month, and
that secure supplies of the alternative fuel are available for
use.
2. The supply of alternative fuel shall be expressed in terms
of oil equivalent.
3. Stocks of an alternative fuel reserved for fuel switching
purposes may be credited towards emergency reserve commitments
insofar as they can be used during the period of
self-sufficiency.
4. Stand-by production of an alternative fuel reserved for
fuel switching purposes will be credited towards emergency
reserve commitments on the same basis as stand-by oil production,
subject to the provisions of Article 4 of this Annex.
5. The Standing Group on Emergency Questions shall examine and
report to the Management Committee on:
(a) the appropriateness of the time limit of one month
mentioned in paragraph 1,
(b) the basis of accounting for the fuel switching capacity
based on stocks of an alternative fuel, subject to the provisions
of paragraph 3.
Article 3
A Participating Country may credit towards its emergency
reserve commitment oil stocks in another country provided that
the Government of that other country has an agreement with the
Government of the Participating Country that it shall impose no
impediment to the transfer of those stocks in an emergency to the
Participating Country.
Article 4
1. Stand-by oil production is defined as a Participating
Country's potential oil production in excess of normal oil
production within its jurisdiction
- which is subject to government control, and
- which can be brought into use during an emergency within the
period of self-sufficiency.
2. The Standing Group on Emergency Questions shall examine and
report to the Management Committee on:
(a) the concept of and methods of measurement of stand-by oil
production as referred to in paragraph 1,
(b) the appropriateness of "the period of
self-sufficiency" as a time limit,
(c) the question of whether a given quantity of stand-by oil
production is of greater value for purposes of emergency
self-sufficiency than the same quantity of oil stocks, the amount
of a possible credit for stand-by production and the method of
its calculation.
Article 5
Stand-by oil production available to a Participating Country
within the jurisdiction of another country may be credited
towards its emergency reserve commitment on the same basis as
stand-by oil production within its own jurisdiction, subject to
the provisions of Article 4 of this Annex provided that the
Government of that other country has an agreement with the
Government of the Participating Country that it shall impose no
impediment to the supply of oil from that stand-by capacity to
the Participating Country in an emergency.
Article 6
The Standing Group on Emergency Questions shall examine and
report to the Management Committee on the possibility of
crediting towards a Participating Country's emergency reserve
commitment mentioned in Article 2, paragraph 2, of the Agreement,
long term investments which have the effect of reducing the
Participating Countries' dependence on imported oil.
Article 7
1. The Standing Group on Emergency Questions shall examine and
report to the Management Committee regarding the reference period
set out in Article 2, paragraph 1, of the Agreement, in
particular taking into account such factors as growth, seasonal
variations in consumption and cyclical changes.
2. A decision by the Governing Board to change the definition
of the reference period mentioned in paragraph 1 shall be taken
by unanimity.
Article 8
The Standing Group on Emergency Questions shall examine and
report to the Management Committee on all elements of Chapters I
to IV of the Agreement to eliminate possible mathematical and
statistical anomalies.
Article 9
The reports from the Standing Group on Emergency Questions on
the matters mentioned in this Annex shall be submitted to the
Management Committee by 1st April, 1975. The Management Committee
shall make proposals, as appropriate, to the Governing Board,
which, acting by majority, not later than 1st July, 1975, shall
decide on these proposals, except as provided for in Article 7,
paragraph 2, of this Annex.
