India to become full-time member: IEA

Highlights:

• International Energy Agency (IEA) has invited India to become its full-time member.
• This membership invitation was given in the light that, India is world’s third-largest energy consumer.
• If this proposal is accepted, it will require India to increase its strategic oil reserved to 90 days requirement.

• Oil Minister Hardeep Singh Puri held discussions with IEA Executive Director Fatih Birol. During the discussion, IEA executive director invited India to deepen its cooperation with IEA by becoming its full member.
• India became an associate member of the IEA in March 2017. IEA is a Paris-based body that advises industrialised nations regarding the energy policies. 
• 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.
• According to IEA report, India is becoming increasingly influential in global energy sector.
• India’s demand for energy is set to increase rapidly in the coming decades, particularly the electricity use.
• India’s reliance on fuel imports will make the improving energy security a key priority for Indian economy.
• IEA comprises of 30 member countries and eight associate nations. Four countries are seeking for a full membership namely, Colombia, Chile, Israel and Lithuania.
• It is noted that IEA was founded in 1974 by industrialised countries under the framework of Organisation for Economic Co-operation and Development (OECD).