Saudi Arabia Current Affairs - 2019

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14th Organisation of Islamic Cooperation (OIC) summit held in Mecca

The 14th summit of the Organisation of Islamic Cooperation (OIC) held in Mecca, Saudi Arabia was hosted by Saudi King Salman bin Abdul Aziz Al Saud.

Key Highlights of Summit

  • Agenda: The official agenda of meeting was to address ‘current issues in Muslim world’ and ‘recent developments in a number of OIC member states. Also, amid soaring tension between Iran and the US and its Gulf allies the OIC summit discussed the regional security issues. The Mecca summit supported Palestinians and backed Saudis in Iran standoff.
  • Background: In December 2017, The United States President Donald Trump broke the decades of established protocol by recognizing Jerusalem as Israel’s capital. In May 2018 US embassy was transferred from Tel Aviv to Jerusalem. The suit was soon followed by Guatemala.
  • Political leaders and heads of state from Islamic nations unanimously condemned countries including United Sates decision of making “illegal and irresponsible decision” to recognise Jerusalem as the capital of Israel.
  • In a joint statement at OIC summit in Saudi Arabia, the leaders called on countries  that have moved their embassies to Jerusalem (by recognizing it as Israel’s capital) to rethink their strategy and which OIC considered as a serious violation of international law and international legitimacy.

About Organisation of Islamic Cooperation (OIC)

  • It was established in 1969 by 24 member states and presently has 57 member states from four continents.
  • Members: Out of total 57 member states the organisation has several significant non-Arab member states, like Turkey, Iran and Pakistan. The 22 members of the Arab League are also part of OIC. It has five observer members, including Russia and Thailand.
  • With a collective population of more than 1.8 billion, it is the second largest intergovernmental body after the United Nations (UN).
  • Objective: As per OIC charter, it aims to preserve Islamic values, safeguard and defend national sovereignty and independence of its member states and also to contribute to international peace and security.
  • OIC states itself as ‘the collective voice of the Muslim world’ and works towards protecting interests of Muslim world.
  • Summit: OIC holds an Islamic Summit once every three years at which heads of state discuss ways to achieve OIC’s charter’s objectives and make policy decisions that concern its member states.
  • OIC has permanent delegations to the UN and the European Union (EU)
  • Its official languages are Arabic, English and French.

Month: Categories: InternationalUPSC

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Iraq remains India’s top supplier of Crude Oil in 2019

According to data released by Directorate General of Commercial Intelligence and Statistics (DGCI&S), Iraq remains India’s top crude oil supplier for second year in a row.

Key Highlights of India’s Oil import Data

  • India is world’s third largest importer of crude oil (7% of total crude oil imports) after China (world’s largest importer with 20.2% of total crude oil imports) and USA (13.8%).
  • India’s crude oil imports meets 80 % its oil needs.
  • Total Import: India imported 207.3 MT (Metric Tons) of crude oil in 2018-19, down from 220.4 MT in 2017-18. This increased India’s total crude oil import bill by 40.6% i.e. to $86.9 billion as compared to $61.8 billion from previous year.
  • Iraq: one of largest producers of Organization of Petroleum Exporting Countries (OPEC) is India’s top crude oil supplier for past two years. It meets more than 20% of India’s oil needs in 2018-19 fiscal year by selling 46.61 million tonnes (mt) of crude oil to India.
  • Saudi Arabia: largest producer of OPEC has traditionally been India’s top oil import source, but in 2017-18 fiscal year it was dethroned by Iraq for the first time. In 2018-19, Saudi exported 40.33 mt of crude oil to India. Amid restrictions on Iranian crude oil exports, India’s oil imports from Saudi Arabia jumped 53% 3.02 MT in December 2018.
  • Iran: the Persian Gulf nation was third largest crude oil supplier to India even when India stopped importing from Iran following re-imposition of economic sanctions by US. It sold 23.9 mt of crude in 2018-19, up from 22.59 mt in the 2017.
  • UAE: surpassed Venezuela to become India’s fourth-largest crude supplier. It sold 17.49MT of crude oil to India in 2018-19.
  • Venezuela: is one of top five crude oil suppliers to India. But volume of crude sourced from Venezuela has been erratic due to ongoing political and economic crisis and under-investment in sector which is impacting it’s production.
  • Nigeria was next biggest supplier with 16.83MT of exports in 2018-19.
  • Other Countries: Kuwait supplied 10.78 MT of crude oil and next to it was Mexico which supplied another 10.28 MT.
  • United States: It first began selling crude oil to India in 2017 is now fast becoming a major supplier. Supplies from U.S. jumped by more than four times in 2018-19 fiscal year.

Directorate General of Commercial Intelligence & Statistics (DGCI&S)

  • It is a premier organization of Govt. of India attached to Ministry of Commerce and Industry.
  • Its office is located at Kolkata. It is entrusted with collection, compilation and publishing or dissemination of India’s trade statistics and commercial information.
  • Such information is often required by policy makers, researchers, importers, exporters, traders and even overseas buyers.

Month: Categories: Business, Economy & Banking

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