Crude oil Imports Current Affairs, GK & News

Crude oil output of India drops

The Ministry of Petroleum and Natural Gas recently released its data for the fiscal year 2020-21. According to the data, crude oil production of India fell to 30.5 million tonnes. It was 32.17 million tonnes in 2019-20. Key Highlights The data released by the Ministry of Petroleum and Natural Gas are as follows: Oil The ..

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US Becomes India’s Second Biggest Oil Supplier

The United States has become the second biggest oil suppliers of India by overtaking Saudi Arabia. This shift comes after the refiners boosted cheaper U.S. crude purchases to a record levels in order to offset the OPEC+ supply cuts. Key points The switch in supplies were triggered by the lower U.S. crude demand. It was ..

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SBI Research: Fuel Prices will Drop if Brought under GST

A State Bank of India’s report highlights that, the pan-India Prices of fuels will drop if the petrol and diesel are brought under the GST regime to ₹75 and ₹68 a litre, respectively. Highlights of the report SBI research further highlights that, if we assume the GST rate of 28%, cess of ₹30 and ₹20 ..

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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 ..

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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 ..

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