CURRENT AFFAIRS

Detailed explanation-1: -By setting up several DME projects in India of economic size, import of crude oil/natural gas/LPG can be reduced to a considerable extent. DME is an eco-friendly fuel produced from methanol.

Detailed explanation-2: -India was more or less self-sufficient to cater to that need. According to government data after the 2000s, there was a boom in edible oil consumption throughout the country. The per capita consumption which was 7.3 kg/year in 1994-95 increased to 18.3 kg/year in 2014-15. This led to an increase in demand.

Detailed explanation-3: -Russia now supplies almost 22% of India’s total crude imports, ahead of Iraq’s 20.5 per cent and Saudi Arabia’s 16 per cent.

Detailed explanation-4: -Vortexa said that India imported 803, 228 bpd of oil from Iraq in December and 718, 357 bpd from Saudi Arabia. The United Arab Emirates (UAE) overtook the US to become India’s fourth largest supplier, selling 323, 811 bpd oil in December 2022. The United States supplied 322, 015 bpd, down from 405, 525 bpd in November 2022.