IEA to tighten cooperation with energy-hungry BRICS countries

The International Energy Agency and six major emerging countries said Wednesday they were exploring closer cooperation to boost market transparency and energy security.

 

Brazil, China, India, Russia and South Africa -- often called the BRICS emerging market countries, plus Indonesia -- agreed to look at forging deeper cooperation with the IEA, which represents top advanced oil-consuming nations.

 

"These represent our key partners because of their important role in the global energy economy," said IEA chief Maria van der Hoeven.

 

The six countries represent almost 40 percent of global energy consumption, she said, and together with the 28 IEA members they would represent 90 percent of the total.

 

"The changing energy economy requires extending our strength beyond our membership," she added.

 

The IEA, the energy wing of the Organisation for Economic Cooperation and Development (OECD), advises on and analyses energy policy and is an important independent source of data.

 

Van der Hoeven said tightening cooperation with the emerging market giants was important as non-OECD members account for nine-tenths of growth in demand, and already account for 60 percent of primary demand.

 

They will look at creating new associated status and focus on improving information exchange, energy security and efficiency, as well as the development of renewable energy.

 

-Sapa-AFP