Organization of the Petroleum Exporting Countries (OPEC) Current Affairs - 2020

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…

Corona Virus: US Federal Reserve reduces interest rate to 0%

On February 16, 2020, the United States Reserve Bank announced that the key interest rates are to be slashed to 0% to 0.25%. This is being done in response to growing impact of Corona Virus. Highlights This is the second emergency cut by the reserve bank in less than two weeks. Similar rate cuts were Read More…

Corona Virus: OPEC to cut oil production largely since 2008 financial crisis

On March 5, 2020, the world’s largest oil production nations of OPEC (Organization of Petroleum Exporting Countries) have planned to cut production. This is the deepest oil production cuts since 2008 financial crisis. Highlights The major member of OPEC, Saudi Arabia has planned to cut production by 1.5 million barrel a day from April 2020. Read More…

OPEC cuts production to 500,000 barrels per day

On December 6, 2019, the Organization of Petroleum Exporting Countries reached a deal deepening their output cuts. They have set the target as 500,000 barrels a day. The action is being implemented in order to eliminate surplus and bolster crude prices Current Scenario In 2019, the organization had agreed to reduce production by about 1.2 Read More…