The Latin American Energy Organization (OLADE) was created on the 2nd November 1973 with the signature of the Lima Agreement which has been ratified by 26 countries of Latin America and the Caribbean. The institution was created in the context of the international energy crisis of the early seventies in order to coordinate and to promote cooperation mechanism needed to develop energy resources and jointly attend issues regarding efficient and rational use of energy.  It also attempted to contribute in the economic and social development of Latin America and the Caribbean.  OLADE is a political and technical-support organization by means of which its Member States undertake common efforts to achieve integration and development in the regional energy market.