Current Events Current Affairs Analysis
India, the world's third-largest oil-consuming and importing nation, will lead global oil demand growth by a large margin, adding a steep 1 million barrels per day by 2030, the International Energy Agency (IEA) said recently.
About International Energy Agency
oIt is an autonomous intergovernmental organisation established in 1974 within the framework of the Organisation for Economic Co-operation and Development (OECD).
oIt is based in Paris, France.
oIt was created in 1974 to help coordinate a collective response to major disruptions in the supply of oil
oWhile oil security remains a key aspect of their work, the IEA has evolved and expanded significantly since its foundation.
oThe IEA has four main areas of focus: energy security, economic development, environmental awareness, and engagement worldwide.
oTaking an all-fuels, all-technology approach, the IEA recommends policies that enhance the reliability, affordability, and sustainability of energy
oIt examines the full spectrum issues, including renewables, oil, gas and coal supply and demand, energy efficiency, clean energy technologies, electricity systems and markets, access to energy, demand-side management, and much more.
oOne of the flagship programs of the IEA has been the International Energy Program, according to which its members agree to withhold large stocks of oil in order to respond to any future unforeseen disruption in the oil supply.
Membership:
oThe IEA is made up of 32 member countries.
oIt also includes thirteen Association countries, including India and China.
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