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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 ..
Month: Current Affairs - July, 2020
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 ..
Month: Current Affairs - July, 2020
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. ..
Month: Current Affairs - May, 2020
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 ..
Corona Virus: OPEC to cut oil production largely since 2008 financial crisis
On March 5, 2020, the world’s largest oil production nations of OPEC (Organization of Petroleum Exporting Countries) have planned to cut production. This is the deepest oil production cuts since 2008 financial crisis. Highlights The major member of OPEC, Saudi ..
Month: Current Affairs - March, 2020
INS Jamuna deployed on Hydrographic Survey off coast Sri Lanka
The Indian Naval Ship (INS) Jamuna has been deployed in the shores of Sri Lanka to carry out a joint Hydrographic survey. The survey is to be conducted for 2 months time period. Highlights India and Sri Lanka together are ..