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Why in the news? OPEC+ extended deep oil output cuts, totaling 5.86 million barrels per day, into 2025 to stabilize the market amidst tepid demand growth and high interest rates. The decision aims to address concerns over low oil prices, driven by slow demand in China and rising oil stocks in developed economies. About OPEC+: …
Read MoreSyllabus: GS 3: Infrastructure: Energy, Ports, Roads, Airports, Railways Etc. Focus: This article highlights the complexities and challenges facing the global petroleum industry, particularly in light of geopolitical tensions, shifting market dynamics, and the imperative of transitioning to cleaner energy sources. Source: MoPNG Overview: With over four decades of experience in the petroleum industry, it’s …
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