India and IEA Come Together

India will join forces with the Paris-based International Energy Agency (IEA) to counter artificial price volatility in the international oil market and create buffers for supply disruptions.

IEA will assist Asia's 3rd largest crude oil importer in building 5 million tonnes of strategic crude oil storage as insurance against supply disruptions and "coordinate" efforts with New Delhi during emergencies like high crude prices and supply disruptions.

This emerged out of the 2-day India-IEA Joint Workshop on Emergency Oil Stock Issues.

A joint statement issued after the workshop said IEA and India will "act in consort" during emergencies and "regularly exchange information, including oil statistics, for enhancing market transparency and building a common view of the global oil market."