OPEC Current Affairs - 2020

COVID-19: Fifth Recession of India

Since Independence in 1947, India has faced four recessions. According to Reserve Bank of India (RBI), the recessions occurred in 1958, 1966, 1973 and 1980. Highlights Recession is defined as the fall in economic activities of the country along with decline in sales, income and employment. India has so far seen four such negative GDP Read More…

CIPET renamed as Central Institute of Petrochemicals Engineering and Technology

The Central Institute of Plastics Engineering and Technology has now been renamed as Central Institute of Petrochemicals, Engineering and Technology. The name change was registered under Tamil Nadu Societies Registration Act, 1975. Highlights The main objective of CIPET is to contribute towards growth of plastics. It also focuses on education and research programme. The institute Read More…

India Russia to sign MoU on Coking Coal

On May 7, 2020, Indian Petroleum Minister Shri Dharmendra Pradhan and Russian Energy Minister alexander Novak held a meeting through video conference. The ministers reviewed ongoing projects. Highlights The ministers emphasized on the cooperation in coking sector. They also held talks about signing a Memorandum of Understanding on Coking coal. The Russian minister briefed about 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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Oil Prices plunge by 20% as OPEC fails to make a deal

On March 9, 2020, the prices of crude oil plunged by 20% after OPEC to failed to make a deal in making production cuts. Highlights The Saudi Arabia and its major allies like Kuwait, Iraq and UAE initiated to make a deal at the OPEC to reduce production of oil. This was proposed predicting reduction Read More…