INTERNATIONAL ENERGY AGENCY (IEA)

Oct. 17, 2021

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member — a proposal, if accepted, will require New Delhi to raise strategic oil reserves to 90 days’ requirement.

About:

The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organisation.
It acts as a policy adviser to its member states, as well as major emerging economies to support energy security and advance the clean energy transition worldwide.
It was established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
It is best known for the publication of its annual World Energy Outlook.
The IEA is made up of 30 member countries. In addition, the IEA family also includes eight association countries.
In March 2017, India became an associate member of the agency. India’s current strategic oil reserves equal 9.5 days of its requirement.