India is engaged in discussions with ministers from member countries of the International Energy Agency (IEA) regarding its application to attain full membership in the Paris-based organization, comprising 31 nations. These talks acknowledge India’s strategic significance in addressing global energy and climate challenges, as highlighted during the IEA’s 2024 ministerial meeting held in Paris.
Strategic Importance Recognized
- The IEA acknowledges India’s pivotal role in addressing global energy and climate issues.
- India’s formal request for full membership was submitted in October 2023, subsequent to its status as an associate member since 2017.
Prime Minister’s Perspective
- Prime Minister Narendra Modi, addressing the meeting via video conference, emphasized India’s position as the world’s fastest-growing major economy.
- Modi highlighted the crucial link between sustained economic growth, energy security, and sustainability, expressing confidence in India’s enhanced role within the IEA.
India’s IEA Engagement
- India, the world’s third-largest energy consumer, has been engaged with the IEA for a considerable period.
- A strategic partnership agreement was established in 2021 to bolster cooperation in global energy security, stability, and sustainability.
Membership Aspirations and Conditions
- The IEA, comprising 31 member countries and eight associates, has four countries, including India, seeking full membership.
- Full membership prerequisites include OECD membership and maintaining strategic oil reserves equivalent to 90 days of net imports.
India’s Oil Reserves Status
- India’s current strategic oil reserves are equivalent to 9.5 days of demand, with additional storage at refineries and depots, totaling 66 days’ worth.
- Adhering to IEA mandates, member nations collaborate on emergency response measures in the event of significant global oil supply disruptions.
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