Oil at 5-month high on Libya output threat

Oil prices have increased up to 2% hitting a five-month high on the expectations that global supplies would tighten due to escalation of the civil war in Libya,OPEC-led cuts and U.S. sanctions against Iran and Venezuela. Earlier,to increase the oil price,the Organization of the Petroleum Exporting Countries and allies such as Russia had pledged to… Continue reading Oil at 5-month high on Libya output threat

India appreciates sanctions waiver

India appreciates sanctions waiver News: The Ministry of External Affairs (MEA) has expressed appreciation for the United States’ waiver on India-Iran energy trade and the Chabahar Port project. Important Facts: Background: US has granted temporary waivers for Iran oil imports to eight countries including India owing to the significant reductions in their oil imports from… Continue reading India appreciates sanctions waiver

Iran oil: India likely to be exempted from U.S. sanctions

Iran oil: India likely to be exempted from U.S. sanctions News: India is likely to be one of eight countries which can temporarily import oil from Iran post sanctions from US beginning on November 5. Important Facts: Relaxation from US sanctions come aftermath these countries (including India) have made “significant reductions” in oil imports from… Continue reading Iran oil: India likely to be exempted from U.S. sanctions

Saudi Arabia promises to meet India’s oil needs

Saudi Arabia promises to meet India’s oil needs News Prime Minister Narendra Modi recently met chiefs of national and international oil and gas companies and other stakeholders to discuss the challenges posed by volatile oil prices. Important facts: Backdrop: Oil prices have increased in 2018 on expectations that U.S. sanctions on Iran will strain supplies… Continue reading Saudi Arabia promises to meet India’s oil needs