Crude oil Imports Current Affairs - 2020

India-Nigeria to deepen their ties on defence, energy and counter terrorism

On September 1, 2020, India and Nigeria agreed to deepen their cooperation to counter terrorism, piracy and insurgency to boost trade exchanges. Highlights The countries agreed to their cooperation in defence equipment, maintenance services and medical. They also agreed on regular exchange of information to counter terrorism, insurgency and piracy. During the meet, Nigeria appreciated Read More…

First Ship load of Crude Oil reaches India

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 Read More…

Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD

On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous year. Highlights India is the largest importer of gold in the world. As the gold imports of the country have been reduced, the trade deficit has reduced Read More…

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 tonnes of Urals grade crude oil. Highlights The agreement was signed between IOCL and Rosneft. Read More…

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 China, Oman, India and Afghanistan. Highlights The countries that attended the initiative reviewed the “Hormuz Read More…