International Energy Agency invites India to become full-time member

• International Energy Agency (IEA) has invited India, the world's third-largest energy consumer, to become its full-time member - a proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement.
• 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, eight countries have joined the IEA's Association programme: Brazil, China, India, Indonesia, Morocco, Singapore, South Africa and Thailand.
• Along with the 30 members and the countries formally seeking accession, this expanded IEA now represents 75% of global energy demand, the website said.

About IEA:

• Established in 1974 as per framework of the OECD, IEA is an autonomous intergovernmental organisation.
• MISSION – To ensure reliable, affordable and clean energy for its member countries and beyond.
• Its mission is guided by four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide Headquarters (Secretariat): Paris, France.

Roles and functions:

• Established in the wake of the 1973-1974 oil crisis, to help its members respond to major oil supply disruptions, a role it continues to fulfil today.
• IEA’s mandate has expanded over time to include tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation.

Composition and eligibility:

• 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. To become member a candidate country must demonstrate that it has:
• 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.
• A demand restraint programme to reduce national oil consumption by up to 10%.
• Legislation and organisation to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis.
• Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
• Measures in place to ensure the capability of contributing its share of an IEA collective action.

Reports:

• Global Energy & CO2 Status Report.
• World Energy Outlook.
• World Energy Statistics.
• World Energy Balances.
• Energy Technology Perspectives."