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…

OPEC and Russia approve biggest Oil Cuts

The Organization of Petroleum Exporting Countries (OPEC) and Russia have come together to cut oil output by 10%. This is being done to control the falling oil prices amidst lock down all over the world due to COVID-19. Background The Russian Government earlier refuted to sign the deal when Saudi Arabia initiated production cuts. Russian Read More…

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US-Iran: Four Nuclear Restrictions renewed by US

On March 30, 2020, the US renewed four nuclear restrictions imposed on Iran. The restrictions were imposed to prevent Iran from building its nuclear programme. Highlights The nuclear restrictions on Iran imposed by the US has been renewed for another 60 days. The decision makes it harder for Iran to work on its Nuclear programme 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…