India Invited To Become A Full-Time Member Of IEA
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♦ If this proposal is accepted, India will increase its strategic oil reserve to 90 days.
♦ Oil Minister Hardeep Singh Puri held negotiations with IEA Executive Director Fatih Birol.
♦ The IEA executive director invited India to expand its cooperation with IEA by becoming its full member during the discussion.
♦ India started as an associate member of the IEA in March 2017 and agreed to enter into a strategic partnership to reinforce its collaboration regarding energy security and clean energy transition.
♦ IEA comprises 30 member countries and eight associate nations. Four countries are seeking full membership, which are Colombia, Chile, Israel and Lithuania.
♦ International Energy Agency, IEA is a Paris-based body that suggests industrialised countries about energy policies.
♦ IEA was founded in 1974 by industrialised nations under the Organisation for Economic Co-operation and Development (OECD) structure.