Iraq Current Affairs

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Henley Passport Index

The Henley Passport Index measures the access each country’s travel document affords. The Index is based on the data provided by the International Air Transport Authority (IATA) and covers 199 passports and 227 travel destinations.

Ranking of the Jurisdictions

The Rankings of the jurisdictions based on the rankings in the Henley Passport Index are:

  • Japan retained its top spot as the world’s most travel-friendly passport due to the document’s access to 190 jurisdictions.
  • South Korea and Singapore are at joint second position offering access to 189 jurisdictions.
  • China has jumped almost 20 places in just two years, from 85th in 2017 to 69th this year.
  • India jumped two positions from 81st in 2018 to 79th this year.
  • European Union member states along with Norway and the US occupy the places behind the top three nations in the rankings.
  • The rankings of the USA and UK have continued to drop.
  • The top 5 positions are held by Japan (190 countries), Singapore, South Korea (189), France, Germany (188), Denmark, Finland, Italy, Sweden (187), and Luxembourg, Spain (186)
  • The bottom 5 positions are held by Eritrea (38), Yemen (37), Pakistan (33), Somalia, Syria (32)and Afghanistan, Iraq (30).

Observations

Christian Kalin, Chairman of the Henley & Partners’ Group who is also the creator of the index notes that the ranking is a bright spot in an increasingly isolationist world.

Open-door policies have the potential to contribute billions to the global economy, as well as create significant employment opportunities around the world. The ascent in the rankings of South Korea and the United Arab Emirates are examples of what happens when countries take a proactive foreign affairs approach, an attitude which significantly benefits their citizens as well as the international community.

Month: Categories: International Current Affairs 2018UPSC Current Affairs - 2019

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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 meet its oil needs. India had imported 184.4 MT of crude oil during April-January period of 2017-18 period as compared to 213.9 MT in the entire 2016-17 fiscal, and 202.8 MT in 2015-16.

Key Facts

Saudi Arabia traditionally has been India’s top oil source but Iraq dethroned it. Saudi Arabia supplied 30.9 MT of crude oil in first 10 months of current fiscal. Iran continued to be third largest supplier, selling 18.4 MT during April-January.  This is the second year in a row that Iran has occupied the third position. Venezuela is India’s fourth largest supplier with 15.5 MT during April-January, followed by Nigeria with 14.9 MT.

Imports from West Asia

India’s dependence on West Asia for its crude oil needed has increased from 58% in 2014-15 to 63.7% in April-January period of this fiscal. India had imported 109.9 MT out of 189.4 MT of total crude imports in 2014-15 from region. In the current fiscal so far, West Asia has accounted for 117.5 MT of crude oil supplies to India.

Reasons for increase of imports from Iraq

Iraq was able dethrone Saudi Arabia as India’s largest crude oil supplier mainly by supplying heavily discounted crude compared to crude oil sold by Saudi Arabia at Official Selling Price of OPEC. In given time period, prices of crude oil had shot up following production cuts by OPEC members. However, Iraq did not followed the aggressive pricing due to its heavy dependence on oil revenues to fund its economy. Moreover, Indian refiners in recent years have invested heavily in modernising plants to more efficiently process low grade crudes including Basra heavy crude from Iraq, giving greater flexibility in the cost-saving oil grades they can buy.

Month: Categories: Business & Economy Current Affairs 2018

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