Q. Which of the following is/are criteria for “International Energy Agency (IEA)” membership?
1.Must be a member country of the Organization for Economic Co-operation and Development (OECD).
2.A demand restraint program to reduce national oil consumption by up to 10%.
3.Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
Select the correct answer from below given codes:
Answer: C
Notes:
Explanation: Criteria for IEA membership:
- Must be a member country of the Organization for Economic Co-operation and Development (OECD).
- Crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports.
- India has strategic oil reserves of 9.5 days of its needs and combined with storage at refineries and depots, it is equal to the 66-day requirement.
- A demand restraint program to reduce national oil consumption by up to 10%.
- Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
Source: FORUMIAS
