crude oil Current Affairs, GK & News

India-Qatar Energy Task Force

India and Qatar are to establish a task force on energy. The task force will be represented by a senior officer from petroleum Ministry of India and the vice president of Qatar petroleum. The task force is to identify projects in the Indian energy sector for Qatari investments. These announcements were made after the telephone ..

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India Signs MoU to Develop Strategic Petroleum Reserve in US

The Petroleum Minister, Dharmendra Pradhan has signed a memorandum of understanding with the Energy Secretary of the US in order to start cooperation on strategic petroleum reserve. India has also started talks to use the US storage facility for crude oil reserve so that the strategic oil stockpile of the country can be increased. Background ..

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Iran drops off India from Chabahar Rail Project

On July 14, 2020, the Iranian Government announced that it is to move ahead with construction of rail line from Chabahar port to Zahedan on its own. According to the Iranian Government, the decision was taken due to the delays in funding for the project from Indian side. Highlights The Iranian Government is to complete ..

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IEA Report: Global Energy Review, 2020

The International Energy Agency recently released Global Energy Review in 2020. The report highlights the global energy demand in 2020 and carbon dioxide emissions. Highlights The report was prepared by collecting data from 30 countries. This includes India and China. Key Findings of the report According to the report, 15% of the daily electricity demand ..

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Negative Oil Prices

The near term contracts from USA’s crude oil traded negative for the first time. A barrel was priced at minus 38 USD. Negative Prices A commodity can be priced negatively when the demand for it drops to such an extent that the suppliers have to pay people to take it off their hands. The crude ..

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