By OGJ editors
HOUSTON, Jan. 20 -- The Paris-based International Energy Agency (IEA) is helping India fulfill the Indian Cabinet's Jan. 7 decision to establish a strategic oil reserve of 5 million tonnes, equivalent to 15 days of India's consumption.
The IEA called the decision "an important step" in India's efforts to establish 45 days of strategic stocks as announced by Prime Minister Atal Bihari 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 US Ambassador William Ramsay, IEA deputy executive director.
India, currently the world's seventh largest oil consumer is expected to become the fifth largest oil consumer by 2020 after the US, 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 cohosting a workshop on emergency oil stock issues Jan. 21-22 in New Delhi. Ramsay was expected to attend that conference.
