International Energy Agency
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Context: International Energy Agency invites India, the world's third-largest energy consumer to become full-time member.
More about news:
- This proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement.
- India in March 2017 became an associate member of the Paris-based body, which advises industrialized nations on energy policies.
- IEA members and India agreed to enter into a strategic partnership, strengthening their collaboration across a range of vital areas including energy security and clean energy transition.
- IEA states that "India is becoming increasingly influential in global energy trends."
About IEA:
- IEA is made up of 30 member countries and eight associate nations.
- Four countries are seeking accession to full membership - Chile, Colombia, Israel and Lithuania.
- According to IEA, a member country must maintain "crude oil and/or product reserves equivalent to 90 days of the previous year's net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply."
- India's current strategic oil reserves equal 9.5 days of its requirement.
- Also, a member of IEA has to show "a demand restraint programme to reduce national oil consumption by up to 10%."
- India has the fastest-growing energy market in the world.
- The IEA was founded in 1974 by industrialized countries - within the framework of the Organization for Economic Co-operation and Development (OECD) - in response to the oil embargo.
- As a result, countries seeking to become members of the IEA must also be members of the OECD and hold 90 days of oil imports as commercial stocks.
- IEA is working with major economies around the world to enhance energy security and to help accelerate their clean energy transitions.
- Starting in 2015, the IEA has been opening its doors to major emerging economies that are at the centre of the global conversation on energy.
- Since then Brazil, China, India, Indonesia, Morocco, Singapore, South Africa and Thailand have joined the IEA's Association programme.
- Along with the 30 members and the countries formally seeking accession, this expanded IEA now represents 75% of global energy demand.
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