Oil Prices Current Affairs, GK & News

India’s Petroleum consumption contracts 9.1% in FY21

The Petroleum Planning and Analysis Cell operating under Ministry of Petroleum recently released a report on petroleum consumption of India. According to the report, fuel consumption of the country reduced by 9.1% in the year 2020-21 as compared to that of the previous year. This is the first time the petroleum consumption contracted to the ..

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Monthly Economic Review: March 2021

The Ministry of Finance recently released the Monthly Economic Review for March 2021. According to the report, the Indian Economy is recovering from COVID-19 crisis. The report has highlighted several indicators that prove economic recovery in the country. Key Findings of the report The Agricultural sector remains the bright spot of the Indian Economy. The ..

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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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Fall in Global Oil Prices: Reasons and Implications

In last one and half year, the Global oil prices have fallen sharply. From 2010 till mid of 2014, the oil prices were fairly stable above $100 per barrel, however, currently the prices are below $50 per barrel. Reasons There are several reasons for this decline. Firstly, the demand is low because of weak economic ..

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Present Global Economic Scenario and Role of United States

US will expectedly lead revival for the developed world and India for the developing world with oil prices on a downward spiral followed by other commodity prices. The economies are no longer exclusive but are greatly intertwined with each other. The workers are becoming global players so inflation is no longer a domestic policy concern. ..

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