CURRENT AFFAIRS
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OPEC+
- Vaid's ICS, Lucknow
- 02, Dec 2021
Context:
OPEC+ has agreed not to increase supply in April as they await a more substantial recovery in demand amid the COVID-19 pandemic.
- Crude prices rose after the announcement and are up 33% this year.
Concerns for India:
India is the world’s third-biggest oil importer. India imports about 84% of its oil and relies on West Asian supplies to meet over three-fifths of its demand.
- As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market.
What is the Opec+?
- Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.
- OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
Facts For Prelims:
SANAʽA
A Saudi-led military coalition mounted air strikes on Yemen’s Houthi-controlled capital Sana’a after it intercepted 10 drones launched by the Iran-backed rebels.
About:
- Sanaa also spelled Sanaʽa or Sana, is the largest city in Yemen.
- Under the Yemeni constitution, Sanaʽa is the capital of the country, although the seat of the Yemeni government moved to Aden, the former capital of South Yemen in the aftermath of the Houthi occupation.
- Aden was declared as the temporary capital by President Abdrabbuh Mansur Hadi in March 2015.
- It is located next to the Sarawat Mountains of Jabal An-Nabi Shu’ayb and Jabal Tiyal, considered to be the highest mountains in the country and amongst the highest in the region.
- The Old City of Sanaʽa, a UNESCO World Heritage Site, has a distinctive architectural character, most notably expressed in its multi-storey buildings decorated with geometric patterns.