#GS_3
#Economy #Oil #OPEC
India imports 85% of its oil needs and is often vulnerable to global supply and price shocks. Indian firms buy two-thirds of their purchases on term or fixed annual contracts. These contracts provide assured supplies of the contracted quantity but the pricing and other terms favour the supplier. But, Buying from the spot market would ensure that India can take advantage of any fall in prices on any day and book quantities.
Read- What is Spot buy and Contract Buy? Pros and Cons of both.
@prep4upsc
#Economy #Oil #OPEC
India imports 85% of its oil needs and is often vulnerable to global supply and price shocks. Indian firms buy two-thirds of their purchases on term or fixed annual contracts. These contracts provide assured supplies of the contracted quantity but the pricing and other terms favour the supplier. But, Buying from the spot market would ensure that India can take advantage of any fall in prices on any day and book quantities.
Read- What is Spot buy and Contract Buy? Pros and Cons of both.
@prep4upsc
#GS_2 #GS_3
#OPEC #OPEC_Plus
✅ OPEC 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.
✅ Can you tell the difference between OPEC and OPEC Plus?
🔗➖ @prep4upsc
#OPEC #OPEC_Plus
✅ OPEC 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.
✅ Can you tell the difference between OPEC and OPEC Plus?
🔗➖ @prep4upsc
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