28-10-2021 | 15:36 PM
International Energy Agency (IEA)
• Context: The International Energy Agency (IEA) has invited India, the world's third-largest energy consumer, to become its full-time member.
• After acceptance of the proposal India will require to raise strategic oil reserves to 90 days requirement. India's current strategic oil reserves equal 9.5 days of its requirement.
• In January 2021, IEA members & India agreed to enter into a strategic partnership in order to strengthen their collaboration with respect to energy security and clean energy transition.
About IEA:
• The International Energy Agency (IEA) is an autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
• Based in Paris, IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market.
• In the decades since, its role has expanded to cover the entire global energy system, encompassing traditional energy sources such as oil, gas, and coal as well as cleaner and faster growing ones such as solar PV, wind power and biofuels.
• It is best known for the publication of its annual World Energy Outlook.
