By Adam Mitchell
Of DOW JONES NEWSIRES
PARIS (Dow Jones)--The International Energy Agency's plan to cooperate more closely with China and India over strategic oil stockpiles could lead to the two nations joining the body, as well as Brazil, the agency's Executive Director Nobuo Tanaka said in an interview Thursday.
And while current IEA rules stipulate that members must also be in the Organization for Economic Cooperation and Development, members could consider changing the rules to let them in, he said in an interview with Dow Jones Newswires.
Speaking on the sidelines of the launch of a report on the state of the agency's emergency oil stocks, Tanaka said engaging China and India in the agency's energy security practices is probably the largest challenge it faces.
"Unless we all work together, we cannot impact the global market," Tanaka said.
Tanaka emphasized the need for a "step by step approach" to closer cooperation with China and India, including inviting them to meetings as observers.
"We have the so-called committee week and governing board next week, where China and India are observers for the first time," Tanaka said.
Tanaka also acknowledged the importance of Brazil, a major energy user as well as a rising producer. The IEA is cooperating with Brazil closely, he stressed, underlining the country's importance in the agency's drive for fuel efficiency.
Asked whether Brazil could eventually join the IEA, Tanaka said: "Why not? It's up to Brazil," joking that it should join the agency first ahead of oil producer group the Organization of Petroleum Exporting Countries.
Brazil recently made a huge offshore oil discovery that could see it become a substantial oil exporter, with talk that it could become an OPEC member at some point.