Economy & Banking Current Affairs

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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 Arabia has planned to cut production by 1.5 million barrel a day from April 2020. This is equivalent to holding back 3.6% of global oil supplies. The cuts are being made to avoid oil prices from collapsing.

OPEC has taken this decision predicting decline in demand of oil due to Corona Virus and its impact all over the world. When the demand decreases and supply is maintained at the same level, prices will reduce as the availability of oil will increase. Therefore, OPEC is cutting the supply.

Russia Factor

Russia has been hesitant towards making deeper cuts. Being a major contributor of OPEC, Russia’s move might backfire other OPEC countries. This is because, the oil exports of Russia will tend to increase as Russia oil will become cheaper. Therefore, other countries of OPEC are forcing Russia to join deeper oil production cuts

Delhi announced as next Google Cloud Region after Mumbai

On March 5, 2020, Google announced that it will open its next cloud region of India at Delhi by 2021. This is the second cloud region of Google after Mumbai, that was launched in 2017. Google owns 22 cloud regions in Asia Pacific.

Highlights

Along with Delhi Cloud Region, Google will also open its data centers in Toronto (Canada), Melbourne (Australia) and Doha (Qatar).

What is Google Cloud Region?

The Google Cloud Services are now available in South America, North America, Asia, Europe and Australia. They are regions that stores data. These data storage regions help several companies to store and secure their data.

How is it helpful for India?

India has strict data localization laws. This is because by this, GoI believes that consumer data can be protected in a better way. This way it helps in national security, sovereignty and economic development.The Google Cloud Region hence helps companies to store data locally.