CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India, currently the world’s third-largest consumer and importer of oil, is projected to drive the majority of the global oil demand increase by the end of this decade. According to a recent report by the International Energy Agency (IEA), India is expected to add nearly 1 million barrels per day (bpd) to the global oil demand by 2030, significantly outpacing other nations.
This anticipated surge reflects India’s expanding economy, growing urban population, and rising vehicle ownership. As industrialisation deepens and energy-intensive sectors continue to expand, India’s demand for crude oil and its derivatives is poised to climb steadily.
About International Energy Agency (IEA)
The International Energy Agency (IEA) is a globally recognised autonomous intergovernmental body established in 1974, primarily to coordinate a collective response among oil-importing countries during major oil supply disruptions. It was formed within the framework of the Organisation for Economic Co-operation and Development (OECD), and its headquarters is located in Paris, France.
Evolution And Core Functions
Although initially focused on oil security, the IEA has significantly evolved to address broader energy issues. Its mission now encompasses four core areas:
Energy Security – Ensuring the reliable supply of energy globally.
Economic Development – Supporting sustainable and affordable energy access to foster growth.
Environmental Awareness – Promoting clean and efficient energy solutions.
Global Engagement – Collaborating with countries worldwide, including non-members, to strengthen energy systems.
The IEA adopts an “all fuels, all technologies” approach, which includes traditional fuels like oil, gas, and coal, as well as renewable sources such as solar and wind energy. It also focuses on energy efficiency, clean technologies, electricity systems, and energy access for underserved populations.
IEA Membership And India’s Association
The IEA currently has 32 full member countries, all of which are also members of the OECD.
In addition to its core members, the agency collaborates with 13 Association countries, including major emerging economies like India and China.
Although not a full member, India is a strategic partner of the IEA and has actively engaged in its programs and research initiatives.
Requirements for IEA Membership:
A nation must meet the following conditions to qualify for full IEA membership:
Maintain strategic oil reserves equivalent to 90 days of net imports from the previous year.
Have a national plan to reduce oil demand by at least 10% during emergencies.
Implement the Coordinated Emergency Response Measures (CERM) at the national level.
Require oil companies to report data and provide transparency in operations.
Be prepared to participate in IEA collective emergency response actions.
Funding And Key Publications
IEA's operations are primarily funded by its member countries. Additional support comes from non-member nations, energy companies, research institutions, and voluntary donations.
Flagship Reports Published by IEA:
World Energy Outlook (WEO) – A comprehensive annual forecast of energy trends and scenarios.
World Energy Balances – Data on energy production, trade, and consumption.
Energy Technology Perspectives (ETP) – Insights on emerging technologies and innovation in energy systems.
World Energy Statistics – A statistical overview of global energy markets.
Net Zero by 2050 – A roadmap for achieving net-zero carbon emissions by mid-century.
Conclusion
India’s rapidly rising oil demand places it at the forefront of the global energy landscape. As the International Energy Agency continues to monitor and guide global energy policies, India’s role as a key player in shaping oil consumption trends is becoming more prominent. With evolving collaborations between India and the IEA, and a strong focus on balancing energy access with sustainability, the coming years will be crucial in defining the future of global oil markets and energy security.
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