Optimize IAS
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Mains Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • Courses
    • Prelims 2023
      • OPTIMA 2023 Sectional & FLT
      • OPTIMA Notes & OPTIMA Cards
    • Integrated Guidance 2023
      • ARJUNA PRIME 2024
  • Downloads
    • Important Topics List for Prelims 2023
    • Daily Prelims Notes Compilation
    • Daily Practice Sheet Compilation
    • PPP Compilation
    • PSIR Notes
    • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Portal Login
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Mains Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • Courses
    • Prelims 2023
      • OPTIMA 2023 Sectional & FLT
      • OPTIMA Notes & OPTIMA Cards
    • Integrated Guidance 2023
      • ARJUNA PRIME 2024
  • Downloads
    • Important Topics List for Prelims 2023
    • Daily Prelims Notes Compilation
    • Daily Practice Sheet Compilation
    • PPP Compilation
    • PSIR Notes
    • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Portal Login

India’s Crude Oil Imports from OPEC

  • April 20, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
No Comments
Print Friendly, PDF & Email

 

 

India’s Crude Oil Imports from OPEC

Subject: IR

Context- OPEC’s share of India’s oil imports for the FY22 financial year remained almost steady year-on-year, arresting sharp declines over the past six years, as refiners prefer crude from West Asia to counter rising global prices.

Concept-

India’s crude oil imports from OPEC:

  • OPEC oil accounted for about 88% of India’s crude imports in FY08.
  • Its share of India’s overall imports could decline because refiners in Asia’s third-largest economy are buying cheaper Russian oil.
  • However, Russian oil continued to account for less than 1% of India’s crude imports in FY22.

What is OPEC?

  • OPEC stands for Organization of the Petroleum Exporting Countries.
  • It is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
  • It is headquartered in Vienna, Austria.
  • OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
  • Today OPEC is a cartel that includes 14 nations, predominantly from the middle east whose sole responsibility is to control prices and moderate supply.

opec countries

What is OPEC+?

  • The non-OPEC countries which export crude oil along with the 14 OPECs are termed as OPEC plus countries.
  • OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
  • Saudi Arabia and Russia, both have been at the heart of a three-year alliance of oil producers known as OPEC Plus — which now includes 11 OPEC members and 10 non-OPEC nations — that aims to shore up oil prices with production cuts.
India’s Crude Oil Imports from OPEC IR
Print Friendly, PDF & Email
Loading

Recent Posts

  • Prelims Power Play 27 May 2023 May 28, 2023
  • Prelims Power Play 25 May 2023 May 28, 2023
  • SEBI to bring regulations for financial influencers (Finfluencers) May 27, 2023
  • Salt caverns as strategic petroleum reserves in India May 27, 2023
  • XPoSAT May 27, 2023
  • Shrinking of lakes worldwide May 27, 2023
  • RBI net seller of US dollar May 27, 2023
  • Challenges of climbing Mt Everest May 27, 2023
  • Floating point operations system (FLOPs) and Supercomputers May 27, 2023
  • Govt moots policy interventions for women empowerment May 27, 2023

About

If IAS is your destination, begin your journey with Optimize IAS.

Hi There, I am Santosh I have the unique distinction of clearing all 6 UPSC CSE Prelims with huge margins.

I mastered the art of clearing UPSC CSE Prelims and in the process devised an unbeatable strategy to ace Prelims which many students struggle to do.

Free Initiatives

  • Daily Practice Sheets
  • Daily Prelims Notes
  • Mains Factly
  • Prelims Power Play
  • Sunday Essay Sadhna

My Proven Strategy

  • Interview Strategy
  • Mains Strategy
  • Motivational
  • Prelims Strategy

Contact us

moc.saiezimitpo@tcatnoc

For More Details

Work with Us

Connect With Me

Santosh Pandey Quora Santosh Sir Telegram Santosh Sir Youtube Optimize IAS Instagram

Course Portal
Search