The International Energy Agency (IEA) has welcomed the progress made on India's application for full membership. India has been an associate member of the agency since 2017. The IEA was set up in 1974 by member countries of the Organisation for Economic Co-operation and Development (OECD) in response to the 1973 oil crisis. At present, full membership is open only to OECD countries, and India does not belong to the OECD. Full members must hold strategic oil reserves equal to at least 90 days of their net imports.