OPEC+ Subject: International Relations Context: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. Concept: OPEC+ last year cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced […]

    OPEC+ Subject: International Relations Context: The latest round of meetings among the OPEC+ group of oil-exporting countries has stalled as the UAE has pushed back proposals making an increase in crude oil supply conditional on an extension to an output agreement. Concept: The non-OPEC countries which export crude oil are termed as OPEC […]

    OPEC Subject: International Organisations Context : OPEC’s share of India’s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia’s third-largest economy fell to a six-year low, data obtained from industry and trade sources showed. Concept : The Organization […]

    OPEC+ Subject : International Organisations Context :India has asked state refiners to speed up diversification of oil imports to gradually cut their dependence on West Asian suppliers after OPEC+ decided last week to largely continue production cuts in April, two sources said. Concept : The non-OPEC countries which export crude oil along with […]

    OPEC+ Subject: International organizations Context: Crude oil saw a rise of about 5% on Thursday as sources said OPEC and its allies have agreed to keep production unchanged into April. Concept: OPEC+ is the alliance of crude producers undertaking corrections in supply in the oil markets since 2017. OPEC plus countries include Azerbaijan, […]

    OPEC Subject: International Organizations Context: Concept: The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder members of the Organization. As […]

Subject: International Organization Context: The Organization of Petroleum Exporting Countries (OPEC) is hoping that lockdowns and curfews in some countries in the event of a second or third wave of COVID-19 infections will not dent global energy demand as much as in the second quarter of this year. Concept: The Organization of the Petroleum Exporting […]