Page-2 of Crude oil Imports
India Russia sign first ever Term Contract to import crude oil to India
On February 5, 2020, the Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft (Russia’s largest oil producing company) signed the first ever term contract. According to the contract India will import 2 million metric ..
Month: Current Affairs - February, 2020
India attends Hormuz Peace Initiative
India recently attended the Hormuz Peace Initiative that was held in Tehran. The initiative aimed at stabilizing one of world’s busiest shipping lanes, the Strait of Hormuz amidst US-Iran tensions. It was attended by leading trade partners of Iran namely ..
Month: Current Affairs - January, 2020
OPEC cuts production to 500,000 barrels per day
On December 6, 2019, the Organization of Petroleum Exporting Countries reached a deal deepening their output cuts. They have set the target as 500,000 barrels a day. The action is being implemented in order to eliminate surplus and bolster crude ..
Month: Current Affairs - December, 2019
PM Modi to visit Saudi for Future Investment Initiative
On October 29, 2019, the Prime Minister Modi is to attend the third session of Future Investment Initiative Forum in Saudi Arabia. The PM will deliver a keynote address at the forum. He will also meet the Saudi king Salman ..
Month: Current Affairs - October, 2019
Iraq remains India’s top supplier of Crude Oil in 2019
According to data released by Directorate General of Commercial Intelligence and Statistics (DGCI&S), Iraq remains India’s top crude oil supplier for second year in a row. Key Highlights of India’s Oil import Data India is world’s third largest importer of ..
Month: Current Affairs - May, 2019
Iraq overtakes Saudi Arabia as India’s biggest Oil Supplier
Iraq has overtaken Saudi Arabia to become India’s top crude oil supplier by supplying 38.9 million tonnes (MT) crude oil in the current financial year. It was fifth of the India’s oil needs. India is 80% dependent on imports to ..