crude oil Current Affairs - 2020

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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

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INS Jamuna deployed on Hydrographic Survey off coast Sri Lanka

The Indian Naval Ship (INS) Jamuna has been deployed in the shores of Sri Lanka to carry out a joint Hydrographic survey. The survey is to be conducted for 2 months time period.

Highlights

India and Sri Lanka together are to carry out Hydrographic survey and also shore based survey activities for a period of 2 months. Apart from surveying, the Sri Lankan Naval Officers will be provided survey training.

Hydrographic Survey

The Hydographic survey is the measurement and study of features that affect maritime navigation. It also includes offshore oil exploration, dredging, oil drilling and other related activities. The standards and specifications to conduct the survey is released by International Hydrographic Organization (IHO). It was established in 1921. The main aim of IHO is to make sure world seas are surveyed and charted properly.

Till October 2019, IHO consists of 93 members. India is also a member.

Indian Naval Hydrographic Department

The office of the department is located in Dehradun. Currently 8 Indian Naval Ships are deployed in the hydrographic surveys. It includes INS Nirupak, INS Jamuna, INS Investigator, INS Sutlej, INS Sandhayak, INS Darshak, INS Sarvekshak

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