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Welcome to the Current Affairs Section.

Welcome to the Current Affairs Section of BSC Academy. Get Daily & Latest Current Affairs 2021 for government job exams, UPSC, IAS/PCS, Banking, IBPS, SBI, RBI, SSC, Railway, UPPSC, BPSC, MPPSC, MPSC, KPSC, TNPSC, RPSC, UKPSC, APPSC and other competitive exams.

Trending Current Affairs

Russia claims it controls airport near Kyiv

Saturday February 26, 2022

A day after Russian President Vladimir Putin started a war on Ukraine, the Russian troops have now captured

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CBI arrests former NSE Group Operating Officer Anand Subramanian in Chennai

Saturday February 26, 2022

A CBI team from Delhi has arrested the former Group Operating Officer (GOO) of National Stock Exchange (NSE) Anand Subramanian

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Oil retreats, still above USD 100 per barrel; no supply shocks for India

Saturday February 26, 2022

International oil prices retreated from an over seven-year high but was still above USD 100 a barrel and continue

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Oil retreats, still above USD 100 per barrel; no supply shocks for India

International oil prices retreated from an over seven-year high but was still above USD 100 a barrel and continue to pose threat to India's inflation rate and current account deficit.

While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states.

Brent crude oil surged past USD 105 per barrel on feb 24 for the first time since August 2014, following Russia's invasion of Ukraine. It however retreated and fell to USD 101 on feb 25 . The spike was a result of fears in the market of Russian supplies to Europe and rest of the world being impacted.

Besides, high oil prices risk impacting the current account deficit as India imports 85 per cent of its oil needs and will have to pay extra because of higher prices.

Morgan Stanley said higher oil prices are negative for India, which is the world's third-largest oil importer.

India, the world's third-largest oil consumer, depends on imports to meet 85 per cent of its needs.

The imported oil is converted into products like petrol, diesel and LPG. Saudi Arabia, Iraq and other Middle East nations account for 63.1 per cent of all imports.

Africa is the second biggest supplier, accounting for close to 14 per cent of all supplies while North America gives 13.2 per cent.

Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.

But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports.

India also buys 2.5 million tonne of LNG a year from Gazprom of Russia. In retaliation to the Russian attack, the United States, the European Union, Britain, Australia, Canada and Japan have announced sanctions targeting Russian banks and wealthy individuals while Germany halted a major gas pipeline project from Russia. Energy and other trade as of now are out of the sanction ambit.

Russia, Ukraine crisis might give India opportunity to export more wheat

Saturday February 26, 2022

The Russia-Ukraine crisis might give India an opportunity to export more wheat in the global markets and domestic

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Olympics say goodbye to Asia after a star-crossed run

Saturday February 26, 2022

The Olympics have said goodbye to Asia after a star-crossed run, and it’s unclear when they’ll be back after the continent

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Mirabai Chanu wins gold in Singapore, qualifies for CWG in new 55kg weight division

Saturday February 26, 2022

Star Indian lifter Mirabai Chanu qualified for the 2022 Commonwealth Games in the 55kg weight category on Feb 25 by

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IPL 2022 is set to be held across four venues in Mumbai and Pune

Saturday February 26, 2022

The matches of the upcoming Indian Premier League will be held

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Russia says over 70 military targets in Ukraine destroyed

Friday February 25, 2022

Vladimir Putin has launched what Ukraine has termed a full-scale war. Ukrainian President Volodymyr Zelensky

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