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.
About 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.
