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India has recommenced importing crude oil from Iran after a seven-year pause.
This resumption was facilitated by a temporary one-month exemption for Iranian oil already in transit.
The move aims to alleviate global crude supply shortages and help stabilize international oil prices.
Iran was historically a significant crude oil supplier to India before international sanctions led to a halt in imports.
Beyond oil trade, relations encompass strategic projects like the Chabahar Port, which is vital for India's connectivity to Afghanistan and Central Asia, bypassing Pakistan.
The interplay of international sanctions, major oil producers' policies (e.g., OPEC+), and consumer nations' energy strategies significantly shapes global energy markets and prices.
Understanding how supply and demand dynamics, geopolitical events, and trade restrictions influence international crude oil benchmarks (e.g., Brent, WTI) is essential.
A group of major oil-producing nations that collectively influence global crude oil supply and prices through production quotas and policy decisions.
An intergovernmental organization that advises member countries on energy policy, including energy security, economic development, and environmental protection.
GS-II: India and its neighborhood- relations, Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests, Effect of policies and politics of developed and developing countries on India’s interests. GS-III: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment, Energy.
General Awareness: International Trade, Geography of Oil, Major Trading Partners.
Economic News, International Trade, Impact of Global Events on Indian Economy.
General Awareness: Geopolitics, Energy Security.
Among the following, which one is the largest exporter of rice in the world in the last five years?
Answer: India
Consider the following statements: Statement-I: India accounts for 3.2% of global export of goods. Statement-II: Many local companies and some foreign companies operating in India have taken advantage of India's 'Production-linked Incentive' scheme. Which one of the following is correct in respect of the above statements?
Answer: Statement-I is incorrect but Statement-II is correct
With reference to the international trade of India at present, which of the following statements is/are correct? 1. India's merchandise exports are less than its merchandise imports. 2. India's imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years. 3. India's exports of services are more than its imports of services. 4. India suffers from an overall trade/current account deficit. Select the correct answer using the code given below:
Answer: 1, 3 and 4 only
High for UPSC, Medium for SSC/Banking.
The uninterrupted availability of energy sources at an affordable price.
Unrefined petroleum, a fossil fuel, which is processed to produce various fuels and petrochemicals.
Penalties imposed by one country or a group of countries on another, often to influence its policies or actions.
Emergency stockpiles of crude oil maintained by governments to mitigate supply disruptions.