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Middle East oil production is projected to decrease by approximately 9 million barrels per day.
This significant reduction is expected to occur by April 2026.
The forecast comes from the United States government agency, Energy Information Administration (EIA).
Such a drop could have substantial implications for global energy markets and oil-importing nations like India.
An independent statistical and analytical agency within the U.S. Department of Energy. It collects, analyzes, and disseminates independent energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.
An intergovernmental organization of 13 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries. Its primary goal is to stabilize oil markets to ensure a regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.
Higher crude oil prices directly increase India's import bill, widening the CAD.
Increased fuel prices contribute to cost-push inflation, affecting transportation, manufacturing, and consumer goods.
Government subsidies on fuel or reduced taxes to cushion consumers can strain public finances, impacting the fiscal deficit.
India maintains SPRs to mitigate supply disruptions and price volatility.
The volatility in global oil markets reinforces India's push towards domestic renewable energy sources to enhance energy security.
GS-III Economy: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. Infrastructure: Energy. GS-II International Relations: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
General Awareness: Indian Economy, Current Affairs.
Economic & Financial Awareness: Global economic trends, impact on Indian economy, international organizations.
General Knowledge: Current Affairs, Indian Economy.
General Knowledge: Current Affairs, Geopolitics.
Which one of the following is a purpose of 'UDAY', a scheme of the Government?
Answer: Providing for financial turnaround and revival of power distribution companies
With reference to 'Stand Up India Scheme', which of the following statements is/are correct? 1. Its purpose is to promote entrepreneurship among SC/ST and women entrepreneurs. 2. It provides for refinance through SIDBI. Select the correct answer using the code given below.
Answer: Both 1 and 2
Pradhan Mantri MUDRA Yojana is aimed at
Answer: bringing the small entrepreneurs into formal financial system
High (Energy security and global oil markets are consistently important topics for competitive exams).
Unrefined petroleum, a fossil fuel used to produce various fuels and petrochemicals.
A unit of measurement for the volume of crude oil produced or consumed.
The uninterrupted availability of energy sources at an affordable price.
When a country's total value of imported goods, services, and transfers is greater than the total value of its exports.