Singapore has joined the International Energy Agency (IEA) as an association country, increasing and assuring the city-state’s focus on energy security. Singapore has become an energy center for Southeast Asia, which is anticipated to experience energy demand rise by 80 % by 2040 due to growing population and strong economy.
The IEA is an autonomous group which was founded in 1974 to help countries co-ordinate and deal with disruptions in oil supply. The group also provides data and forecasts on oil demand.
Association countries can participate in meetings of some IEA, committees and working parties. They can work with the IEA on energy security issues, like building emergency response systems for oil-supply emergencies, developing and maintaining emergency reserves etc.
To become a member, countries must also have a program to cut national oil consumption up to 10 %. Plus, they must ensure all oil companies under jurisdiction report information as and when needed.