Country has to raise strategic oil stock
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.
Oil Minister Hardeep Singh Puri on Monday said he held online discussions with IEA Executive Director Fatih Birol.
“As a natural corollary to the India-IEA strategic partnership, Dr. Birol invited India to deepen its cooperation with IEA by becoming a full Member,” Mr. Puri tweeted without saying if the full-time membership proposal was acceptable to the government or not.
India, in March 2017, became an associate member of the Paris-based body which advises industrialised nations on energy policies.
On its website, IEA states that “India is becoming increasingly influential in global energy trends.”
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