India to ink strategic partnership framework with IEA today
NEW DELHI: As part of its energy security efforts, India on Wednesday will sign a ‘strategic partnership framework’ with the International Energy Agency (IEA), the world’s premier energy monitor.
This is a significant development for India, the third-largest energy consumer globally, and comes at a time when international energy markets have been volatile. Also, tensions between China and India, the second- and third-largest crude oil importers, respectively, have been rising, with India’s transportation fuel prices at record highs.
IEA’s 30 member countries hold 1.55 billion barrels in public emergency oil stocks. In addition, 650 million barrels are held by industry under government obligations and can be released as needed.
