Iran was recognized by the International Energy Agency (IEA) as the major gas supplier to the EU in the future. Russia and Iran together possess 52 percent of the world's gas reserves. IEA expects to extend an existing gas pipeline between Iran and Turkey up to Europe. Then by the year 2030 net imports of gas in the EU will expand from the current 44% to 81% of total gas supply and share of net imports in the EU's oil supply will climb from 73% to 93%. Production of oil and gas will be concentrated mostly in OPEC members and Russia. IEA was established in 1974 within the framework of the Organization for Economic Cooperation and Development (OECD) in Paris to implement an international energy program. It consists of 26 members including 15 EU states.