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Why in the News? The Oilfields (Regulation and Development) Amendment Bill, 2024 has been passed by Parliament, expanding the definition of mineral oils. It aims to enhance energy security, while opposition parties raise concerns over rising imports and declining domestic production. Key Provisions of the Bill: The Oilfields (Regulation and Development) Amendment Bill, 2024 has …
Read MoreWhy in the news? Brazil has officially joined OPEC+, a coalition of 22 oil-exporting nations, to enhance global oil market stability. This move boosts Brazil’s role in energy policies, impacting oil supply, pricing, and international market dynamics. Brazil’s Entry into OPEC+: Brazil’s government has approved its entry into OPEC+, an alliance of major oil-exporting nations. …
Read MoreWhy in the news? Crude oil prices steadied after a rise in U.S. gasoline stockpiles and the postponement of an OPEC+ meeting, highlighting the alliance’s critical role in stabilizing global energy markets and influencing international economic trends. Overview of OPEC and OPEC+ : OPEC+ is a coalition of 22 oil-exporting countries formed in 2016 to …
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