International Energy Agency

The International Energy Agency is an intergovernmental organisation set up in 1974 in response to the 1973 oil crisis. Its 30 member nations hold 1.55 billion barrels in public emergency oil stocks. India is not a member of this agency. To become a member, certain requirements must be met, like maintaining emergency oil reserves equivalent to at least 90 days of net imports. The IEA and India signed ‘strategic partnership framework’ recently.