IEA Cooperates with India on Emergency Oil Stock Issues
(Paris) — 8 January 2004
The International Energy Agency (IEA) welcomed the Indian Cabinet's decision yesterday to establish a strategic oil reserve of 5 million tonnes which is equivalent to about 15 days of India's consumption. The IEA believes this Cabinet decision is an important step in fulfilling India's determination to establish 45 days of strategic stocks announced by Prime Minister Vajpayee in February 2003.
"Given India's increasing oil imports, and subsequent influence on the global oil market, the establishment of Indian strategic oil stocks will certainly reinforce global oil security", said Ambassador William Ramsay, Deputy Executive Director of the IEA, who will visit India later this month to promote the IEA's cooperation with India in building emergency oil stocks and developing oil security systems. India, currently the world's seventh largest oil consumer is expected to become the fifth largest oil consumer by 2020 after the United States, China, Japan and Germany.
To assist India's efforts to build emergency oil stocks, the IEA and India's Ministry of Petroleum and Natural Gas are co-hosting a workshop on Emergency Oil Stock Issues on 21 and 22 January 2004 in New Delhi, India. H.E. Shri Ram Naik, Minister of Petroleum and Natural Gas of India will open the Conference and be joined by senior officials and experts from the government and industry. Ambassador Ramsay will head the IEA delegation which will be composed of about 20 experts from IEA Member countries and industry. They will share information and experience on oil emergency response policies and measures, in particular the role of strategic stocks in oil crisis management.