First Ship load of Crude Oil reaches India

On April 13, 2020, the first crude oil of 1 million barrels from UAE have reached India. The oil prices have declined by 60% since January, 2020. The prices are expected to rise with OPEC and Russia have come to terms to cut their production by 10%. Hence, this is the right time to fill ..

Month: Current Affairs - April, 2020

Category: International Current Affairs

Topics: Crude oil Imports • India-UAE • India-US • Oil Imports • Oil reserves • Padur • Padur Strategic Petroleum Reserves • Strategic Oil Reserves storgaes • Vishakhapatnam

Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD

On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous year. Highlights India is the largest importer of gold in the world. As the gold imports of the country have been reduced, the trade deficit has reduced ..

Month: Current Affairs - March, 2020

Category: Economy & Banking Current Affairs

Topics: Crude oil Imports • current account deficit • exports • Gold • India exports • India imports • Oil Imports • Trade Deficit

India Russia sign first ever Term Contract to import crude oil to India

On February 5, 2020, the Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft (Russia’s largest oil producing company) signed the first ever term contract. According to the contract India will import 2 million metric tonnes of Urals grade crude oil. Highlights The agreement was signed between IOCL and Rosneft. ..

Month: Current Affairs - February, 2020

Category: International Current Affairs

Topics: BPCL • Crude oil Imports • Disinvestment • India-Russia • IOCL • LNG • Natural Gas • Rosneft • Serbia

India attends Hormuz Peace Initiative

India recently attended the Hormuz Peace Initiative that was held in Tehran. The initiative aimed at stabilizing one of world’s busiest shipping lanes, the Strait of Hormuz amidst US-Iran tensions. It was attended by leading trade partners of Iran namely China, Oman, India and Afghanistan. Highlights The countries that attended the initiative reviewed the “Hormuz ..

Month: Current Affairs - January, 2020

Category: International Current Affairs

Topics: Crude oil Imports • Hormuz Peace Endeavor (HOPE) • Oil Imports • Persian Gulf • Strait of Hormuz • Unga • US-Iran

OPEC cuts production to 500,000 barrels per day

On December 6, 2019, the Organization of Petroleum Exporting Countries reached a deal deepening their output cuts. They have set the target as 500,000 barrels a day. The action is being implemented in order to eliminate surplus and bolster crude prices Current Scenario In 2019, the organization had agreed to reduce production by about 1.2 ..

Month: Current Affairs - December, 2019

Category: Economy & Banking Current Affairs

Topics: Crude oil Imports • Energy • International Energy Agency • Oil Imports • OPEC • Organization of the Petroleum Exporting Countries (OPEC) • Saudi Arabia