International Energy Agency (IEA)
Part of: Prelims and GS II – International Relations
Context The International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member.
- The proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement. India’s current strategic oil reserves equal 9.5 days of its requirement.
- In March 2017, India became an associate member of IEA.
- 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.
- IEA is an autonomous intergovernmental organisation.
- Its mission is guided by four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide.
- Headquarters: Paris, France.
- Roles and functions:
- to help its members respond to major oil supply disruptions, a role it continues to fulfil today.
- tracking and analyzing global key energy trends,
- promoting sound energy policy,
- fostering multinational energy technology cooperation.
- Composition: It has 30 members at present. IEA family also includes eight association countries. A candidate country must be a member country of the OECD. But all OECD members are not IEA members.
- Three countries are seeking accession to full membership: Chile, Israel, and Lithuania.
- Global Energy & CO2 Status Report.
- World Energy Outlook.
- World Energy Statistics.
- World Energy Balances.
- Energy Technology Perspectives.