Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nIndia has been urging its long time ally Russia to take into\naccount the interest of energy consuming nations during its engagement with the\nOrganisation of the Petroleum Exporting Countries (Opec) at a time when the\nOpec plus arrangement including Russia has extended its compact for production\ncuts.<\/p>\n\n\n\n
\u201cMinister Pradhan also conveyed expectation that Russia, a\nmember of the Opec Plus, can play an important role in balancing global oil\nmarket both in terms of ensuring adequate supply as well as in having a\nresponsible and reasonable price.” India\u2019s petroleum ministry said in a\nstatement.<\/p>\n\n\n\n
Any production cut by Opec and its allies has a wide-ranging\nimpact on energy markets, given that Opec accounts for around 40% of global\nproduction. It is expected to have a particular fallout on India due to Opec\naccounting for around 83% of the country\u2019s total crude oil imports.<\/p>\n\n\n\n
India has been calling for a global consensus on\n\u201cresponsible pricing,” with China and India moving ahead to set up a joint\nworking group (JWG) on energy to form a buyers\u2019 bloc to bargain collectively\nfor oil supplies.<\/p>\n\n\n\n
This visit comes at a time when there has been growing\nuncertainty in the global energy market with tensions building up in the\nPersian Gulf after US President Donald Trump pulled his country out of a 2015\nhistoric accord with energy-rich Iran that was inked to curb the Islamic\nRepublic\u2019s nuclear programme in return for ending sanctions. Also, factors such\nas falling production in Venezuela and geopolitical tensions have fuelled the\nuncertainty in international energy prices.<\/p>\n\n\n\n
Pradhan\u2019s visit comes ahead of Prime Minister Narendra\nModi\u2019s impending visit to Vladivostok. Modi is to attend the Eastern Economic\nForum as well as the annual bilateral summit with Russian President Vladimir\nPutin. This is the 20th summit between the leaders of the two countries since\nthe year 2000 when the mechanism was institutionalized. The meeting between\nModi and Putin next week will be their third this year\u2014previously they met on\nthe margins of the Shanghai Cooperation Organisation meet in the Kyrgyz capital\nBishkek and the G20 meet in Osaka.<\/p>\n\n\n\n
\u201cThe two sides agreed to propose concrete recommendations\nincluding a roadmap and action plan for cooperation in oil & gas sector to\nthe Eastern Economic Forum and 20th Annual Bilateral Summit between Hon. Prime\nMinister Shri Narendra Modi and President Putin,” the statement added.<\/p>\n\n\n\n
This also comes against the backdrop of sanctions on Russia,\nwhere India owns stakes in significant hydrocarbon assets. Indian firms have\ninvested $10 billion in acquiring stakes in hydrocarbon assets in Russia. Also,\na consortium led by Russia\u2019s Rosneft PJSC acquired Essar Oil Ltd for nearly $13\nbillion.<\/p>\n\n\n\n
Modi\u2019s visit has been preceded by the visits of Indian\nforeign minister S. Jaishankar and commerce minister Piyush Goyal along with by\nthe chief ministers of Goa, Gujarat, Haryana and Uttar Pradesh, besides a\n140-member strong Indian business delegation.<\/p>\n","protected":false},"excerpt":{"rendered":"
India has raised the issue of global oil market price volatility with Russia that is hurting the interests of both consuming and producing nations. This was articulated by India\u2019s oil minister Dharmendra Pradhan in a meeting with Russia\u2019s energy minister Alexander Novak. Daily Current Affairs Quiz 2019 India has been urging its long time ally […]<\/p>\n","protected":false},"author":13,"featured_media":5769,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[624],"class_list":["post-5768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-russia"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=5768"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5768\/revisions"}],"predecessor-version":[{"id":5770,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5768\/revisions\/5770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/5769"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=5768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=5768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=5768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}