India invited to become full-time member of IEA: Petroleum Minister Hardeep Singh Puri

If India accepts the proposal of being a full-time member of the International Energy Agency, it will need to raise strategic oil reserves to 90 days requirement. India's current strategic oil reserves equal 9.5 days of its requirement.

Created On: Oct 12, 2021 12:54 ISTModified On: Oct 13, 2021 10:53 IST
India invited to become full-time member of IEA: Petroleum Minister Hardeep Singh Puri
India invited to become full-time member of IEA: Petroleum Minister Hardeep Singh Puri

India has been invited to become a full-time member of the International Energy Agency (IEA) by its Executive Director Fatih Birol, informed Union Housing and Petroleum Minister Hardeep Singh Puri. 

The Minister said that as a natural corollary to the India IEA strategic partnership, Dr Birol invited India to deepen its cooperation with IEA by becoming a full Member.

The Union Minister had a productive online conversation with Dr Fatih Birol, during which the IEA Executive Director praised India’s major achievements under PM Narendra Modi's leadership to improve energy access for its citizens like PM Ujjwala Yojana and UJALA schemes.

Dr. Fatih Birol also tweeted, "Pleased to meet Indian Minister Hardeep S Puri to discuss energy markets, the clean energy transition and India's ever-growing role in the global energy system. Look forward to making progress on IEA's Strategic Partnership with India and efforts to ensure energy security & sustainability. "

What does being a full-time member of IEA mean?

If India accepts the proposal of being a full-time member of the International Energy Agency, it will need to raise strategic oil reserves to 90 days requirement. India's current strategic oil reserves equal 9.5 days of its requirement.

As per an in-depth report on India's energy policies, released in January 2020, the country's energy demand is set to grow rapidly in the coming decades, with electricity use expected to increase particularly fast.

IEA had also said in a report earlier that India's reliance on fuel imports makes improving energy security a key priority for the Indian economy. India currently has the fastest-growing energy market in the world.

What is International Energy Agency?

The International Energy Agency is a Paris-based body, which was set up in 1974 by industrialised countries to ensure the security of oil supplies amid the 1973 oil crisis. 

The body was set up under the framework of the Organisation for Economic Co-operation and Development (OECD). It was initially focused on responding to the physical disruptions in the oil supply. 

However, IEA has evolved over the years and while energy security remains a core mission, it is also focussing on a wide variety of issues, ranging from electricity security, climate change, air pollution, energy success to investments and energy efficiency. 

IEA Members 

•The International Energy Agency comprises 30 member countries and eight associate nations.

•The founding members of the group include the United States, United Kingdom, Canada, Germany, Austria, Belgium, Denmark, Italy, Japan, Ireland, The Netherlands, Turkey, Sweden, Spain, Switzerland, Luxembourg and Norway (under a special agreement).

•The other members of the group include: 

Greece (1976)

New Zealand (1977)

Australia (1979)

Portugal (1981)

Finland (1992)

France (1992)

Hungary (1997)

Czech Republic (2001)

Republic of Korea (2002)

Slovak Republic (2007)

Poland (2008)

Estonia (2014)

Mexico (2018)

•The eight associate members of the group include India, Brazil, China, Singapore, South Africa, Indonesia, Morocco and Thailand. 

•Besides this, four countries are currently seeking full membership of the group including Chile, Israel, Lithuania and Colombia. 

What is the criteria to become an IEA member?

An IEA member country is required to 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."

An IEA member country also has to show "a demand restraint programme to reduce national oil consumption by up to 10%."

Background 

India had become an associate member of the International Energy Agency in March 2017. India had also agreed to enter into a strategic partnership with IEA members in January 2021 to strengthen their collaboration across a range of vital areas including energy security and clean energy transition.

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