#GS_2
#IR #Global_geopolitics
#Oil_Econony
Read that how the current pandemic crippling the oil economies.
#IR #Global_geopolitics
#Oil_Econony
Read that how the current pandemic crippling the oil economies.
#GS_3
#Economy #Oil_Prices
Read that how fuel prices governed.
✅ #Facts4Prelims
Difference between Brent and WTI
🔆 Brent crude oil originates from oil fields in the North Sea between the Shetland Islands and Norway, while West Texas Intermediate (WTI) is sourced from US oil fields, primarily in Texas, Louisiana, and North Dakota.
🔆 Brent crude price is the international benchmark price used by the OPEC while WTI crude price is a benchmark for US oil prices.
🔆Since India imports primarily from OPEC countries, Brent is the benchmark for oil prices in India.
#Economy #Oil_Prices
Read that how fuel prices governed.
✅ #Facts4Prelims
Difference between Brent and WTI
🔆 Brent crude oil originates from oil fields in the North Sea between the Shetland Islands and Norway, while West Texas Intermediate (WTI) is sourced from US oil fields, primarily in Texas, Louisiana, and North Dakota.
🔆 Brent crude price is the international benchmark price used by the OPEC while WTI crude price is a benchmark for US oil prices.
🔆Since India imports primarily from OPEC countries, Brent is the benchmark for oil prices in India.
#GS_3
#Environment #Pollution #Oil_Leakage
Recently, a gas leak has occurred at Baghjan well in Tinsukia district of Assam following a blowout. Read about it. Also read about Dibru-Saikhowa National Park and Maguri-Motapung Wetland, important for #Prelims.
#Environment #Pollution #Oil_Leakage
Recently, a gas leak has occurred at Baghjan well in Tinsukia district of Assam following a blowout. Read about it. Also read about Dibru-Saikhowa National Park and Maguri-Motapung Wetland, important for #Prelims.
#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