UPSC Mains Answer Writing Practice Booklet: Pragati Notebooks – Spiral and Detachable sheets Click Here to know more and order
News:Houthi rebels from Yemen has carried out drone attacks on two major Saudi Aramco oil facilities in Abqaiq and Hijrat Khurais in Saudi Arabia.
Facts:
About the Abqaiq facility:
- Abqaiq is the world’s largest oil processing facility where about two-thirds of the total Saudi supply is refined and cleaned of impurities.
- The attacks have impacted Saudi Arabia’s oil production and exports, and in turn the global oil market.
- Since,Saudi Arabia is the world’s top oil exporter.It ships more than 7 million barrels of oil to global destinations every day.The output cut is expected to send oil prices up $3-$5 per barrel.
Impact on India:
- India is the world’s third largest oil importer.It imports over 80 percent of oil requirements.
- Saudi Arabia is a crucial source of energy for India and the second largest supplier of crude and cooking gas to India.
- Hence,the hike in oil prices will inflate the import bill and disrupt the country’s current account deficit.
Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants
Subscribe to get the latest posts sent to your email.
