Mexico Current Affairs - 2019

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India to stop Importing Crude Oil from Iran

In the backdrop of the US refusal to extend the sanctions waiver for India to import crude from Iran, the Ministry of Petroleum and Natural Gas has taken steps necessary steps to end the imports from Iran.

Even though India has urged the US to restore the sanction waivers it has decided to not to proceed with the purchase as the oil trade cannot happen in anticipation.

Ministry of Petroleum and Natural Gas has stated that a robust plan for an adequate supply of crude oil to Indian refineries is in place. It has been stated that shortfall will be met through alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.

Meeting the Shortfall

India which is the world’s third-biggest oil consumer meets more than 80 per cent of its oil needs through imports. In 2017-18, Iran was India’s third-largest supplier after Iraq and Saudi Arabia and about 10 per cent of total needs were met through imports from Iran.

India can avail optional volumes (over and above the term contracts) from a number of suppliers which it can exercise to make up for any shortfall from Iran. India also plans to avail the route of spot market to source crude.

But the cause of concern is more related to prices in India. When President Trump had first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.

Month: Categories: Business, Economy & BankingUPSC

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President Trump vetoes Bill to end U.S. support for Yemen War

President Donald Trump has vetoed the resolution from the US Congress which directed him to end U.S. support for the civil war in Yemen.

Why the President has vetoed the Congress Resolution?

President trump has stated the following reasons for vetoing the US Congress resolution:

  • Yemen is at a breaking point as 10 million people on the brink of famine. There are more than 100 civilian casualties per week, and Yemenis are more likely to be killed at home than in any other structure.
  • U.S. support for the war between the Saudi-backed Yemeni government and Iran-aligned Houthi rebels was necessary to protect the safety of the more than 80,000 Americans who reside in certain coalition countries.

President Trump has called the resolution as an unnecessary and a dangerous attempt to weaken his constitutional authorities. He further stressed that the resolution endangers the lives of American citizens and brave service members, both today and in the future.

It was the second veto during his presidency, earlier he had vetoed a congressional resolution which was aimed to reverse the border emergency President Trump had declared in order to secure more funding for his wall between the United States and Mexico.

Month: Categories: InternationalUPSC

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