All posts tagged: OPEC

Internationalisation of the Rupee, Panchayat Advancement Index and E-PRAAPTI

Internationalisation of the Rupee, Panchayat Advancement Index and E-PRAAPTI

Published by Parlour News

Mains Examination: General Studies II: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. What’s the ongoing story: The war in West Asia has exacerbated a key pain point for the country’s economy: the rupee’s value. • What has been India’s strategy of settling international trade in Indian Rupees (INR)? • How India saved ₹14,000 crore in foreign exchange in February 2026? • Why Reserve Bank of India (RBI) introduced a framework for rupee-based trade? • What is “internationalisation of the rupee”? • What is “depreciation of Rupee”? • Devaluation of Rupee and depreciation of Rupee-compare and contrast • Why settling trade in domestic currency particularly useful during periods of rupee depreciation? • What is Vostro accounts in rupee trade settlement? • What is the difference between Vostro and Nostro account? • What are the key limitations of rupee-based trade settlement? Story continues below this ad • How rupee trade settlement can help reduce external sector vulnerabilities? Key Takeaways: • After closing around 91-per-dollar on February 27, the rupee fell by …

UAE left OPEC due to low size of oil quota, says former envoy Navdeep Suri

UAE left OPEC due to low size of oil quota, says former envoy Navdeep Suri

Published by Webster

The UAE had been thinking of leaving the Organisation of Petroleum Exporting Countries (OPEC) cartel for the last five years as the oil quota allotted to the country by the Saudi Arabia-dominated group was not considered sufficient, according to Navdeep Singh Suri, India’s former Ambassador to the United Arab Emirates and Egypt.     In an exclusive interview with IANS, Suri said: “There were indications as early as July 2021 that they were not happy with the quota that was allocated to them, about 2.7 million barrels per day. And they had said that if the quota is not raised, they might consider leaving.” Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

With UAE split from OPEC, another oil market churn is in the offing

With UAE split from OPEC, another oil market churn is in the offing

Published by Parlour News

2 min readApr 30, 2026 06:04 AM IST First published on: Apr 30, 2026 at 06:04 AM IST The United Arab Emirates’ exit from OPEC — a grouping of oil-exporting countries that Abu Dhabi joined in 1967 — will weaken the organisation’s market power. It also brings to the fore the tensions between the UAE and Saudi Arabia that have been simmering for years. Abu Dhabi’s decision seems driven by several considerations. One, the UAE has consistently argued that the OPEC quotas unfairly constrain its output. Second, in Sudan and Yemen, the Saudis and Emiratis have backed competing factions and pursued divergent strategies. Third, the war in Iran appears to have deepened the divide between the two. Among the GCC states, the UAE has borne the brunt of Iran’s attack, and, reportedly, seems to be in favour of a stronger approach against Tehran. It is also closer to Israel. Abu Dhabi’s decision, therefore, is likely to have been driven as much by strategic calculation as by political and economic interests. In the short term, the …

The UAE’s departure from OPEC may not break the cartel

The UAE’s departure from OPEC may not break the cartel

Published by Parlour News

WHEN THE Organisation of the Petroleum Exporting Countries (OPEC) meets on April 29th, the club will be contemplating the departure of one of its longest-standing members. The United Arab Emirates (UAE), which has been part of the cartel since Abu Dhabi joined in 1967, has announced it will leave on May 1st. The war in Iran and its blockade of the Strait of Hormuz have choked off the region’s energy exports, hammering the UAE and its neighbours in the Gulf. Now it has driven OPEC’s third-biggest oil exporter to go it alone. FILE – A boat sails past a tanker anchored on the Strait of Hormuz off the coast Qeshm island, Iran, April 18, 2026. (AP) In announcing its country’s departure, the UAE’s energy ministry thanked the other members of OPEC for “five decades of co-operation”. But its emollient words belie the fact that tensions in OPEC have been brewing for years. The club imposes output quotas on its members in order to keep prices stable and, preferably, high. In recent years these limits have …

Expert Explains | Why the UAE left OPEC, and what it means for Saudi Arabia’s Gulf leadership | Explained News

Expert Explains | Why the UAE left OPEC, and what it means for Saudi Arabia’s Gulf leadership | Explained News

Published by Parlour News

The United Arab Emirates couldn’t have found a more opportune time to declare its departure from OPEC and OPEC+, unilaterally and symbolically, on the day when GCC unity was the central agenda item of the GCC meeting in Riyadh. Although the UAE has been unhappy about underproducing oil despite having the capability to produce at least 5 million barrels per day (mbpd), much higher than the existing 3–3.5 mbpd, it complied with the production limits mostly to maintain Gulf unity. The immediate effect, absent the Hormuz crisis, is indeed an oversupply of oil in the market, with a possible significant price decline and increased buyer interest in UAE crude. Japan is the largest buyer of Emirati oil ($31.4 billion), followed by China ($22.1 billion), Thailand ($14.7 billion), India ($13.5 billion), and South Korea ($11.9 billion). Nearly 90% of total crude exports go to Asian markets. Diversifying away from oil dependence For the last three decades, the GCC states have been pursuing the diversification of their oil-dominant economies and reducing their dependence on oil. In this …

Explained: The UAE’s exit from OPEC, and its possible impact on global oil prices | Explained News

Explained: The UAE’s exit from OPEC, and its possible impact on global oil prices | Explained News

Published by Parlour News

The United Arab Emirates announced its exit from the Organisation of Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance on Tuesday (April 28), set to come into effect on May 1. The UAE’s state news agency cited Abu Dhabi’s longer-term economic vision as the reason for the sudden exit, at a time when global oil markets have witnessed major shocks due to the US-Iran war. The war itself may have been an important trigger for the decision. What influenced the UAE to leave an alliance it has been a part of for over 50 years, and what can the markets expect as a result? What is OPEC, and when did the UAE join the group? Founded in September 1960 at the Baghdad conference in Iraq, OPEC was originally established by five founding members, namely Iran, Kuwait, Iraq, Saudi Arabia and Venezuela. Prior to its formation, Western multinational oil companies (often referred to as the Seven Sisters) largely dictated the prices paid to oil-producing nations. Created to counter this dominance, OPEC’s agenda was to coordinate …

25 Days Of Crude Oil Available: Sources Say India Is In Comfortable Spot As Iran War Disrupts Supply | India News

25 Days Of Crude Oil Available: Sources Say India Is In Comfortable Spot As Iran War Disrupts Supply | India News

Published by Webster

Last Updated:March 05, 2026, 16:36 IST India has 25 days of energy products amid Middle East war. The government is in touch with Canada, Australia, OPEC, IAEA for LPG and LNG supplies. On Monday, the Ras Laffan plant in Qatar was shut following an Iranian drone attack. Amid the war in the Middle East hitting the supply of energy products, the central government has said that India has 25 days of energy products available and is also in touch with countries such as Canada and Australia for LPG and LNG supplies. According to government sources, “We are in comfortable position as we currently have 25 days of crude oil and 25 days of energy products.” They further said that the government is in touch with all major suppliers of LPG , LNG and also in touch with OPEC, IAEA.” On Monday, the Ras Laffan plant in Qatar was shut following an Iranian drone attack. Ras Tanura oil refinery, located near the eastern city of Dammam, is one of the world’s largest oil processing facilities and …

OPEC+ to weigh bigger increase in crude oil supply after Iran attacks by US, Israel| Business News

OPEC+ to weigh bigger increase in crude oil supply after Iran attacks by US, Israel| Business News

Published by Parlour News

OPEC+ will consider the option to increase crude oil supply when key members meet Sunday after the US and Israel launched an attack on Iran, according to two delegates. A family sits against the backdrop of a dockyard off coast city of Fujairah, in the Strait of Hormuz in the northern Emirate on 25 February 2026. (AFP) The group led by Saudi Arabia and Russia was expected to resume modest hikes in April after a three-month supply freeze in an ongoing strategy to reclaim market share, several delegates said earlier this week. Their base-case was to raise by 137,000 barrels a day, in line with increments during the fourth quarter, three people said. A key factor in Sunday’s decision will be whether the shock US-Israel assault on the Islamic Republic results in a closure of the Persian Gulf’s critical Strait of Hormuz, said another. The delegates asked not to be identified as the deliberations are private. The Iran attacks, and Tehran’s retaliation against American military bases in the region, mark the culmination of a geopolitical …

UPSC Current Affairs Pointers Weekly

UPSC Current Affairs Pointers Weekly

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Every Monday, we bring you UPSC Current Affairs Pointers—a concise, exam-focused guide to help you stay ahead in your Prelims and Mains preparation. Report (FYI: The data provided in these reports can be used to substantiate your Mains answer and create a broad understanding of the topic.) — The global economy is forecast to grow by 2.7 per cent in 2026, slightly below the 2.8 per cent estimated for 2025, 40 bps faster than previously anticipated, according to the World Economic Situation and Prospects 2026, released by the United Nations on 8th January 2025. — The report is prepared by the UN’s Department of Economic and Social Affairs (DESA) in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions. — According to the UN report, the increase in global military expenditure in 2024 to $2.7 trillion reflects “the steepest annual increase since at least 1988”. The rise has been driven by the world’s 10 largest spenders, which make up nearly 75 per cent of the total, …

US President Donald Trump asks OPEC to cut oil prices argues it’ll stop Russia Ukraine war latest updates – India TV

US President Donald Trump asks OPEC to cut oil prices argues it’ll stop Russia Ukraine war latest updates – India TV

Published by Webster

Image Source : AP US President Donald Trump. US President Donald Trump has asked the Organization of the Petroleum Exporting Countries to cut the prices of oil, arguing that it would stop the Russia-Ukraine war. He had made a similar claim earlier, too. Addressing the annual World Economic Forum at Davos in Switzerland via video conference, Trump accused the OPEC+ alliance of oil-exporting countries of being responsible for the nearly three-year conflict in Ukraine. “We want to see OPEC cut the price of oil. That will automatically stop the tragedy that’s taking place in Ukraine. It’s a butchering tragedy for both sides,” the US President told reporters in North Carolina on Friday (January 25). Noting that a large number of Russian and Ukrainian soldiers have died in the conflict so far, Trump said, “Right now, it’s just bullets whacking and hitting men. There are over a million men killed, and they are losing thousands of people a week.” “It’s crazy. It’s a crazy war and it never would have happened if I was president (then). …