Venezuela Current Affairs - 2019

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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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Worldwide Cost of Living Survey 2019 by Economist Intelligence Unit

The Economist Intelligence Unit has released the report of the Worldwide Cost of Living Survey 2019.

Findings of the Survey

  • For the first time in its 30-year history, three cities have been accorded the title of the world’s most expensive city in the Worldwide Cost of Living Survey from The Economist Intelligence Unit.
  • Singapore which top’s of the rankings for the sixth consecutive year is joined there by Hong Kong and Paris.
  • Zurich in Switzerland stood at the fourth position followed by Japan’s Osaka which shared fifth place with Geneva, also in Switzerland.
  • Seoul (South Korea), Copenhagen (Denmark) and New York (US) were jointly placed at the seventh spot.
  • Los Angeles (US) along with Israel’s Tel Aviv was named the 10th most expensive city in the world.
  • The cost of living in Chinese cities remains relatively stable, while Southeast Asian destinations were moving up the ranks.
  • Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking.
  • While parts of Asia remain the most expensive places on Earth, Asian Cities also makes several appearances at the bottom of the list.
  • World’s cheapest cities include Caracas (Venezuela), Damascus (Syria), Tashkent (Uzbekistan), Almaty (Kazakhstan), Karachi (Pakistan), Lagos (Nigeria), Buenos Aires (Argentina) as well as the three Indian cities of Bengaluru, Chennai and Delhi.

 

The Survey compares more than 400 individual prices across 160 products and services in cities around the world by keeping New York as the benchmark city.

Month: Categories: InternationalUPSC

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