India’s New Crude Oil Strategy: Middle East on Focus
Recently, the Biden administration forced a few new sanctions on the Russian oil producers Gazprom Neft and Surgutneftegas, along with 180 tankers shipping Russian oil. The Biden administration did this to suppress Moscow’s revenue, which was used to finance the Ukraine war. These new sanctions also disrupted the Russian shadow fleet. After this move from…
Vipin
How Will The Oil Price Surge Impact The Indian Economy?
Russia and Ukraine’s missile exchange caused International crude oil prices to spike 2% on Thursday, November 21. The last time Brent crude prices rose from $1.04 (1.4%) to $73.85. The WTI (West Texas Intermediate) recovered $1.46 (2.1%) to $70.22. This week, WTI gained 4.8%, while Brent Crude went up 1.8%. Crude oil traded 1.49% higher…
ABHYUDAYA MITTAL
Russian Oil Impact: India Saves $7.9 Bn On Oil Imports
Lately, the conflict in some parts of the world has increased the price of crude oil, threatening developing economies like India. However, India’s friendship with Russia has paid off again. According to ICRA, India saved more than $7.9 billion on oil imports in FY 23-24 by buying discounted crude oil from Russia. This is a…
abhinav singh
India Smashes Export Record: Hits $776 Billion Milestone
India has reached a historic milestone in their exporting journey. The nation has crossed the $776 billion mark in overall exports, according to the provisional data released by the commerce ministry on Monday. Although the increases compared to the previous year are barely marginal, they were enough to set a new record. The increase was…
Shipra Prajapati
Crude Oil Slips Continuously Amid Raging West Asian War
It has been almost 2 weeks since Israeli forces entered the Gaza Strip. With the war raging between Israel and Hamas, many experts expected oil prices to surge, but contrary to popular belief, the oil prices are slipping continuously. On Wednesday, oil prices fell almost 4% to a 3-month low with Brent crude oil selling…
Chandan Kumar
Indonesia’s Economy Expected To Surpass Russia’s By 2026
The landscape of the global economy is changing every so often. Recently India surpassed the UK to become the 5th largest Nominal economy in the world. Now, according to the data from the IMF (International Monetary Fund) Indonesia is all set to surpass Russia to become the 6th largest economy in terms of PPP (Purchase…
Oil Minister Urges OPEC To Have A Sense Of Pragmatism
Oil prices have risen a lot in the last few months, since August 2022 the OPEC and OPEC+ group of oil exporters have decreased their oil production by 5% which resulted in a 34% hike in oil prices around the world. The price of a single barrel of oil in August 2022 was $72/bbl while…
Yash Sharma
Ukraine Satellite Services Contract Awarded To SpaceX’s Starlink
It was getting expensive to fuel Starlink in Ukraine, an endeavour that was burning more than 20 million dollars per month on average. The CEO, Elon Musk, had clearly stated that he couldn’t continue to fund Starlink if things followed a similar trend. However, Starlink’s operation in Ukraine will not come to a halt because…
Oil Prices Rise On Hope As China Started Reopening
Oil prices surged on Wednesday as the market was optimistic about the fuel demand since China continues to ease its COVID-19 restrictions. Brent futures for February delivery rose 31 cents to $84.64 a barrel, a 0.4% gain, by 0117 GMT. Besides, US crude advanced 22 cents or 0.3%, to $79.75 per barrel. Both standard prices…
Aman Goyal
India To Host G20 Summit In September 2023Â
From December 2023, India will take charge of the G20 president and will host the summit of administrators of the world’s 20 largest economies in New Delhi during the second week of September 2023. As per the statement released by the Ministry of External Affairs, “The G20 Leaders’ Summit at the level of Heads of…
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