Explanation:

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member — a proposal, if accepted, will require New Delhi to raise strategic oil reserves to 90 days’ requirement.

• The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organisation.
• It acts as a policy adviser to its member states, as well as major emerging economies to support energy security and advance the clean energy transition worldwide.
• It was established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
• It is best known for the publication of its annual World Energy Outlook.
• The IEA is made up of 30 member countries. In addition, the IEA family also includes eight association countries.
• In March 2017, India became an associate member of the agency. India’s current strategic oil reserves equal 9.5 days of its requirement.

Hence both statements are correct.