Oil diplomacy

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Oil Crisis Past to Present

Oil Crisis Past to Present Oil crisis during 1973-74 : An oil crisis is a sudden rise in the price of oil that is often accompanied by decreased supply. Since oil provides the main source of energy for advanced industrial economies, an oil crisis can endanger economic and political stability throughout the global economy. In the post-World War II period there have been two major oil crises. The first occurred in 1973, when Arab members of OPEC (Organization of the Petroleum Expo

RSTV Special: Oil Price War & Implications

RSTV Special: Oil Price War & Implications Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) The oil prices have reached their lowest levels in years, leading to the deepest oil crisis in decades. Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia under the OPEC+ framework have agreed to cut their oil output by 10m barrels per day, or 10% of global supplies. This move is aimed at propping up the falling crude oil prices. They&nb

Organization of the Petroleum Exporting Countries (OPEC)

Organization of the Petroleum Exporting Countries (OPEC) The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries. It is headquartered in Vienn

05 June, 2020
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Strategic Petroleum Reserves

Strategic Petroleum Reserves Abu Dhabi National Oil Company (ADNOC) will send ships carrying crude oil to fill half of the 1.5 million tonne strategic oil reserves India has built at Mangaluru. Indian Strategic Petroleum Reserves Ltd has built 5.33 million tonnes of strategic crude oil storage at three locations — Padur (Kerala) and Mangaluru on the western coast and Visakhapatnam on the eastern coast The oil stored in the underground rock caverns at the three locati

INDIA'S IMPORTS FROM RUSSIA INCREASED AMID SANCTION

INDIA'S IMPORTS FROM RUSSIA INCREASED AMID SANCTION Amid international sanctions imposed against Russia after its invasion of Ukraine, India’s imports from Russia have increased rapidly. India’s crude oil imports from Russia surged by 286% while coal imports increased by over 345% in the January-April 2022 period. Russia is now among the top 10 suppliers of crude oil to India. Russian oil now makes up to ten per cent of India’s oil import basket.