IEA seeks China's cooperation on oil stockpile use

London

THE International Energy Agency (IEA), which advises industrialised nations on energy policy, wants to coordinate with China on using oil stockpiles in the event of a crisis, its newly appointed chief said in Beijing.

"China is the most important player in the global energy market" and should become "a full participant" in the IEA's work to secure supplies, said Fatih Birol, who became the agency's executive director on Sept 1. While the Paris-based organisation's 29 members can collectively tap emergency oil inventories to cover supply disruptions, China's growing buffer is separate from this system.