crude oil: GK, General Studies and Current Affairs

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 ..

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 ..

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 ..

IOC signs MoU with Russia’s Rosneft for crude oil imports

Indian Oil and Gas company, the Indian Oil Corporation recently signed an MoU with Russian energy firm, Rosneft for importing Crude Oil from Russia. The crude oil purchase agreement was signed during a meeting between Union Minister of Petroleum and Natural Gas Dharmendra Pradhan and the Chairman and CEO of Rosneft, Igor Sechin. Under the agreement, Russia ..

PM Modi awarded UAE’s Highest Civilian Award

Indian Prime Minister Narendra Modi was honored with the Order of Zayed which is the highest civilian award of the United Arab Emirates. He was awarded by the Crown Prince of UAE Mohamed bin Zayed Al Nahyan on 24th August, 2019. Currently, PM Modi is on the second leg of his three-nation international tour to ..