Droughts often evolve gradually and cover large areas, and therefore, affect many people and activities. This motivates developing techniques to integrate different satellite observations, to cover large areas, and understand spatial and temporal variability of droughts. In this study, we apply probabilistic techniques to generate satellite derived meteorological, hydrological, and hydro-meteorological drought indices for the world's 156 major river basins covering 2003-2016. The data includes Terrestrial Water Storage (TWS) estimates from the Gravity Recovery And Climate Experiment (GRACE) mission, along with soil moisture, precipitation, and evapotranspiration reanalysis. Different drought characteristics of trends, occurrences, areal-extent, and frequencies corresponding to 3-, 6-, 12-, and 24-month timescales are extracted from these indices. Drought evolution within selected basins of Africa, America, and Asia is interpreted. Canonical Correlation Analysis (CCA) is then applied to find the relationship between global hydrometeorological droughts and satellite derived Sea Surface Temperature (SST) changes. This relationship is then used to extract regions, where droughts and teleconnections are