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IEA’s 2024 ministerial meeting
February 20 , 2024
279 days
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- Member states of the International Energy Agency (IEA), agreed to begin discussions on the Indian government’s request to become a full member of the body.
- India joined the IEA as an associate member in 2017 and sent a formal request for full membership in October 2023.
- IEA is an inter-governmental organisation comprising 31 industrialised countries.
- Four countries are seeking accession to full membership, Chile, Colombia, Israel and Lithuania.
- The 31 member states and 13 associate members represent 75% of global energy demand.
- For a country to become a full member of the IEA, it must be a member country of the Organisation for Economic Co-operation and Development (OECD).
- IEA also mandates its member nations to hold crude oil and/or product reserves (strategic oil reserves) equivalent to 90 days of the previous year’s net imports.
- India’s current strategic oil reserves equal 9.5 days of its requirement.
- And together with storage at refineries and depots, it maintains a stockpile equivalent of 66 days requirement.
- IEA members coordinate emergency response measures to a significant global oil supply disruption.
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