6 DE MARÇO DE 1981

ARTICLE 1

1 — The Participating Countries shall implement the International Energy Program as provided for in this Agreement through the International Energy Agency, described in chapter DC, 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

1 — The Participating Countries shall establish a common emergency self-sufficient in oil supplies. To this end, eaoh 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 whioh 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 commitments 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

I — The Standing Group on Emergency Questions shall, on a continuing basis, review the effectiveness

of the measures taken by eaoh 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 rv.

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, whioh shall make proposals, as appropriate, to the Governing Board. The Governing Board may, acting by majority, adopt recommendations to Participating Countries.

CHAPTER in Allocation

ARTICLE 6

1 — Each Participating Country shall take the necessary measures in order that allocation of oil will be carried out pursuant to this ohapter and chapter rv.

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.