Oil reserves Current Affairs, GK & News

Uganda’s First Oil Drilling Program

January 25, 2023

Uganda has one of the largest oil reserves in the Saharan desert according to the International Monetary Fund. Oil was discovered in Uganda twenty years back. But the production was delayed due to a lack of funds and infrastructure. With the assistance of China, Uganda is now launching its first oil field in Lake Albert. ..

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India-UAE High Level Joint Task Force on Investments

November 4, 2020

On November 3, 2020, India and UAE held the High-Level Joint Task Force on Investments. The task force was created in 2012. Highlights The task force discussed upon the following The positive outcomes achieved by the Joint Task Force were discussed The India and UAE sectors with potential for economic growth were identified The existing ..

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First Ship load of Crude Oil reaches India

April 14, 2020

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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Guyana Elections

March 14, 2020

The results of Guyana’s elections- the first after the recent discovery of massive oil reserves- is being watched by the international community. Guyana Guyana is a small English speaking country in the northern part of South America. It was a former British colony and one of the poorest in South America. The major ethnic groups ..

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Iran discovers new oil field with 53 Bn barrels of reserves

November 12, 2019

Iran has discovered a new oilfield with 53 billion barrels of crude oil in Khuzestan province, home to Iran’s Khuzestan’s crucial oil industry. The announcement however did not reveal how much oil could be produced from the reservoir but the find could boost country’s battered economy amid stringent US sanctions. Key Highlights of Discovery The ..

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India’s Strategic Oil Reserves in focus after drone attacks on Saudi Aramco Facility

September 18, 2019

The policymakers are now deliberating on India’s strategic oil reserves at Mangaluru, Paddur (near Udupi) and Visakhapatnam after the drone strikes on Saudi Arabian Oil Co or Saudi Aramco’s facility over the weekend sent shock waves across global oil markets, hitting supplies. India’s Strategic Oil Reserves State-owned Indian Strategic Petroleum Reserve Ltd (ISPRL) which is ..

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