US asks China to join energy agency

The US has asked China to join the International Energy Agency (IEA), an organization set up to help developed countries manage emergency oil supplies, signaling the Asian country's growing presence as a dominant oil consumer, the Wall Street Journal reported. The IEA is currently made up largely of the world's richest nations, and it doesn't include India and China. US assistant secretary of state Daniel Sullivan said China's membership in the organization could "help ameliorate the anxiety expressed in some quarters over China's intentions as it pursues greater energy security." One key obligation for IEA members is to hold 90 days worth of oil imports in strategic petroleum reserves that can be released only after consulatation with other member nations. China started building up its own emergency oil supplies two years ago, with 33 million barrels of oil, or less than 10 days of imports, with a target of stockpiling about 100 million barrels.