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The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

<ul class="summary-list"><li>Indonesia said it drove a Chinese coast guard ship out of its waters in the South China Sea.</li><li>It said the Chinese ship disrupted an Indonesian oil and gas company surveying the waters.</li></ul>Indonesia said it deployed two vessels and an aircraft to expel a Chinese ship from contested waters in the South China Sea.The Indonesian National Armed Forces said its Maritime Security Agency's command and control center detected China's coast guard ship at the southern edge of the South China Sea, on Monday.It said the Chinese ship disrupted survey work — often used to help locate oil and gas reserves beneath the seabed — by Indonesia's state-owned oil and natural gas company PT Pertamina.The interaction is another turn in a yearslong dispute over who owns the South China Sea, and gets to exploit its resources.China has staked out an aggressive claim to almost the whole sea, which its neighbors and most Western countries reject.The rival claims have been playing out in often-violent encounters between Chinese and other ships.In Monday's run-in, Indonesia said it dispatched a patrol ship dispatched to warn the Chinese ship away via radio.It said the ship insisted the waters were Chinese, prompting Indonesia to send a navy ship and an aircraft to the area."Together, the two Indonesian patrol ships carried out shadowing and succeeded in driving the CCG 5402 ship out of Indonesia's jurisdiction," it said.Shadowing means following another ship from a distance, a way of pressuring a rival vessel without direct confrontation.Indonesia's Maritime Security Agency shared <a target="_blank" class="" href="https://www.youtube.com/watch?v=B4xRVvvgv58">aerial footage</a> of the operation on Wednesday, which it said showed the incident.Neither side immediately responded to requests for comment from Business Insider. As of early Thursday, China had yet to issue any public statement on the encounter.The incident escalates the dispute over the South China Sea, and highlights the richness of its resources.It is home to an <a target="_blank" class="" href="https://www.eia.gov/international/content/analysis/regions_of_interest/South_China_Sea/south_china_sea.pdf">estimated</a> 3.6 billion barrels of oil and other liquids and 40.3 trillion cubic feet of natural gas.China's claims overlap with neighboring countries, including Indonesia, Taiwan, Vietnam, Brunei, Malaysia, and the Philippines.An <a target="_blank" class="" href="https://www.businessinsider.com/philippines-soldiers-bare-hands-fight-armed-china-coast-guard-swords-2024-6">encounter in June</a> between the Philippines and China turned violent, escalating into a physical fight involving bare fists, knives, and swords.The US Navy <a target="_blank" class="" href="https://www.businessinsider.com/us-attempt-counter-china-south-china-sea-could-backfire-experts-2024-10">has made a point of operating in the South China Sea,</a> sailing in areas it regards as international waters.Malaysia and Vietnam are also pursuing oil-and-gas projects in the South China Sea, and running into Chinese opposition.The Center for Strategic and International Studies' Asia Maritime Transparency Initiative <a target="_blank" class="" href="https://amti.csis.org/control-by-patrol-the-china-coast-guard-in-2023/">assessed</a> in March that the China Coast Guard in 2023 patrolled near Vietnam's Vanguard Bank oil and gas operations for 221 days and near a major cluster of Malaysian oil and gas operations for 338 days.The encounters so far have stopped short of a true naval confrontation, which risks escalating into a devastating war.A conflict in the South China Sea — a critical trade route <a target="_blank" rel=" nofollow" class="" href="https://unctad.org/system/files/official-document/rmt2016_en.pdf">estimated</a> to carry one-third of global shipping — could result in a 10-33% loss in GDP for Taiwan, Singapore, Hong Kong, Vietnam, the Philippines, and Malaysia, according to a 2020 <a target="_blank" rel=" nofollow" class="" href="https://www.nber.org/system/files/working_papers/w28048/w28048.pdf">working paper</a> by the US National Bureau of Economic Research.

Indonesia sent a Chinese ship packing, escalating a fight over oil and gas in the South China Sea

<ul class="summary-list"><li>Russia's oil and gas profits are under pressure.</li><li>Before the war, Russia supplied 40% of Europe's gas. It's now down to 15%.</li></ul>Russia's energy sector has taken a hit from Western sanctions.But Moscow doesn't appear ready to acknowledge that it's not in a financial position to cut Europe off from its natural gas exports completely.In an interview with <a target="_blank" class="" href="https://mid.ru/en/foreign_policy/news/1970551/">Sky News Arabia on Friday,</a> Russian Foreign Minister Sergey Lavrov said Russia hasn't cut off gas exports to Europe because Russians are "decent people.""We are decent people. We signed long-term contracts with Europe," Lavrov said."We always honor our obligations, unlike Europe or the United States," Lavrov added.Besides, as Lavrov said, Russia and Europe's gas deals benefit both sides."If cooperation is mutually beneficial, why shoot yourself in the foot?" he asked.What Lavrov didn't outright address in the interview is the more likely reason Russia continues to export to Europe: It needs the money.<h2 id="dedf49a1-9ad7-40d6-9c80-9ef995fa1d77">Russia's oil and gas profits are under pressure</h2>Before starting the war in Ukraine and being sanctioned by the West, Russia supplied as much as <a target="_blank" rel="" class="" href="https://www.brookings.edu/articles/europes-messy-russian-gas-divorce/">40% of Europe's gas.</a> That declined to roughly <a target="_blank" class="" href="https://www.brookings.edu/articles/europes-messy-russian-gas-divorce/#:~:text=Russia%20cut%20off%20the%20gas,price%20cap%20on%20Russian%20oil.">15% at the end of 2023</a> after three out of four Nord Stream pipelines carrying Russian gas to Europe were damaged. The remaining Nord Stream pipeline has never been commissioned, and Russia was already slowing its gas flows to Europe before the blast.Now, Russia's oil and gas profits are under pressure from sanctions and restrictions — including a G7 price cap on its crude oil exports — as its war with Ukraine heads into its 31st month.<a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">Russia's oil and gas revenues</a> hit 8.82 trillion rubles, or $94.6 billion, in 2023. That's 24% lower than the 11.6 trillion rubles it recorded in 2022, when revenues jumped due to oil price volatility. In 2021, Russia's oil and gas sales revenue stood at 9 trillion rubles.Russia has <a target="_blank" class="" href="https://www.reuters.com/markets/commodities/russia-raises-forecast-2024-oil-gas-export-revenues-by-174-bln-document-shows-2024-09-06/">raised its forecast</a> for its oil and gas sales this year, but the breakeven oil price has also risen significantly since the war started. That's due to sanctions-related factors, such as higher Russian-underwritten insurance premiums and shipping costs related to a <a target="_blank" class="" href="https://www.businessinsider.com/russias-dark-fleet-oil-exports-strong-red-sea-risks-strategy-2024-1">dark fleet</a> transporting the commodities.According to <a target="_blank" class="" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/081324-sanctions-dent-russian-economy-but-commodities-exports-boost-kremlin-coffers#:~:text=S%26P%20Global%20Commodity%20Insights%20estimated,though%2C%20for%20three%20main%20reasons.">S&amp;P Global,</a> Russia's breakeven oil price was $62 a barrel in 2021. It's now $94 a barrel.Higher breakeven prices eat into profits, which would hit Russian energy firms and have a spillover impact on the <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-overheating-consumer-spending-tourism-central-bank-interest-rate-2024-7">war economy</a> — which appears resilient but is fighting multiple challenges. There's also the question of how well Russia's economy is really doing; in July, a group of eight <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-wartime-boom-outlook-western-us-sanctions-soviet-union-2024-7">European finance ministers</a> said outright that Russia is lying about its booming economy.To be sure, <a target="_blank" class="" href="https://www.businessinsider.com/germany-europe-russia-gas-renewables-oil-energy-security-ukraine-war-2022-4">other geopolitical factors</a> could also be playing into Russia's decision to keep natural gas exports moving into Europe. But the role oil and gas play in Russia's economy can't be understated.The oil and gas industry accounts for <a target="_blank" rel=" nofollow" class="" href="https://www.oxfordenergy.org/wpcms/wp-content/uploads/2024/03/Follow-the-Money-Russian-Oil.pdf">30% to 50% of Russia's federal budget revenue,</a> the Oxford Institute for Energy Studies estimated.Bloomberg estimates that Russia could lose as much as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/russia-economy-ukraine-war-revenue-gas-pipeline-energy-europe-trade-2024-9">$6.5 billion a year</a> if Naftogaz, Ukraine's state-run energy giant, doesn't renew a gas-transit deal that expires this year. This deal allows Russian gas to be transported to Europe via Ukraine.While Russia has managed to pivot to <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">alternative markets, </a>the commodities are often sold at huge discounts due to sanctions, according to an <a target="_blank" rel=" nofollow" class="" href="https://prod-us3.plattslive.com/commodities/crude/news-and-insight/081324-sanctions-dent-russian-economy-but-commodities-exports-boost-kremlin-coffers">S&amp;P Global</a> report last month."Russia has managed to sustain its oil production and exports despite Western sanctions and <a target="_blank" rel=" nofollow" class="" href="https://www.opec.org/opec_web/en/press_room/7369.htm">OPEC+ cuts,</a> although it has faced challenges with its oil cash flows," wrote Svetlana Tretyakova, a senior analyst at Rystad Energy, in late August.

Russia says it's the bigger person for not cutting Europe's natural gas supply — but that's not all there is to it     

<ul class="summary-list"><li>Trump has said he plans to bring down gas prices by boosting US oil production.</li><li>ExxonMobil CEO Darren Woods doesn't see a US oil boom in the near future.</li></ul>President-elect Donald Trump's promise to unleash a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">big oil boom</a> in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told <a target="_blank" class="" href="https://www.semafor.com/article/11/12/2024/exxon-ceo-darren-woods-donald-trump-shouldnt-scrap-methane-regulations">Semafor</a> on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">cost of gas</a> — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump <a target="_blank" class="" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> in October. "I will cut your energy prices in half within 12 months." In September, Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">said</a> he would reduce gas prices to below $2 a gallon. Energy analysts told Business Insider that big oil companies are more focused on returning money to shareholders than investing in projects that boost production, especially because China isn't importing as much oil due to its economic downturn. Their comments underscore how little control a US president has over the oil and gas market, including prices at the pump. "It's a global market," Ben Cahill, director of energy markets and policy at the University of Texas at Austin, told BI. "There's very little any president can do to change the direction of oil or gasoline prices." Cahill added that he expects the US to increase oil production, but it will happen gradually. The US is already producing record amounts of oil, at <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">12.9 million barrels of crude a day in 2023</a> compared with about 11 million barrels per day in 2020, when Trump was in office. Last year, the US also became the world's biggest exporter of natural gas. In October, the US Energy Information Administration <a target="_blank" href="https://www.enerdata.net/publications/daily-energy-news/us-eia-expects-domestic-crude-oil-production-reach-135-mbd-2025.html#:~:text=At%20a%20global%20scale%2C%20the,13.5%20mb%2Fd%20in%202025.">projected</a> that the US would produce 13.5million barrels a day in 2025, hitting another record. And there is room for the industry to expand. Woods <a target="_blank" href="https://www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.html">told</a> CNBC earlier this month that there are areas in the Gulf of Mexico — where federal leasing hasn't allowed companies to drill — that could be a source of additional oil production in the long term. Patrick De Haan, head of petroleum analysis at GasBuddy, told BI that Trump could take some steps to try to boost US oil production, including easing regulations to open up additional places for companies to drill and working with OPEC. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to." In recent years, the US has increased oil production even as President Joe Biden imposed stricter limits on greenhouse gas emissions from power plants, oil and gas infrastructure, and gas-powered vehicles to help slow the climate crisis. In a separate interview with <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/exxon-says-trump-should-keep-u-s-in-paris-climate-pact-3d8de471">The Wall Street Journal</a>, Woods added that the US shouldn't drop out of the Paris Agreement as Trump did in his first term and has promised to do again. The nearly 200 countries signed onto that agreement <a target="_blank" class="" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">struck a deal last year at the UN climate summit </a>to move away from fossil fuels this decade and the triple renewable energy by 2030. Woods told Semafor that he supports Biden's limits on methane emissions from the oil and gas sector. Exxon and other US oil majors have goals to reduce emissions, but climate scientists warn<a target="_blank" class="" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">they aren't aggressive enough</a> to avert catastrophic levels of global warming.

Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.

<ul class="summary-list"><li>China's oil demand growth has slowed this year.</li><li>That's due to China's big shift to EVs and natural gas, Goldman Sachs analysts said. </li></ul>Oil demand in China has slowed markedly this year amid the country's shift to electric vehicles and natural gas, Goldman Sachs analysts said.The firm estimates that oil demand growth in the country is down to 200,000 barrels per day for 2024 compared to last year, with overall consumption down by 300,000 barrels a day. The shift from gas-fueled cars to electric and hybrid vehicles alone has reduced demand by 500,000 barrels a day, the analysts said. China's EV sector has expanded rapidly, with three of its biggest electric car makers <a target="_blank" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">hitting record sales in June</a>. A <a target="_blank" href="https://www.businessinsider.com/chinese-ev-makers-outpacing-tesla-in-one-key-area-2024-7">report</a> from last month finds Chinese EV companies are catching up to — and even beating — industry leader Tesla when it comes to innovation.In an earlier report, the analysts predicted the surge in electric and hybrid sales will cause China's road oil consumption to peak in 2025, years ahead of most emerging market economies.The analysts say the oil demand slowdown also indicates broader concerns around China's dependence on manufacturing."While oil data now send a too pessimistic message about China economic activity (fuel switching does not lower GDP), overcapacity highlights the fragility of China's manufacturing bet," the analysts wrote.The oil slowdown comes as China's economy faces a slowdown across the board, with a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1i3p3gk*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNDE3MTUxMi41My4wLjE3MjQxNzE1MTQuNTguMC4w">struggling property sector</a> and <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7?utm_medium=ingest&amp;utm_source=markets">weak consumer sentiment</a>.On Monday, the country's two main stock exchanges <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-sentiment-indicator-flows-foreign-investors-china-economy-2024-8#:~:text=China's%20economy%20is%20facing%20headwinds,first%20half%20of%20the%20year.">stopped reporting daily data</a> on flows from foreign investors, part of a greater move away from reporting real-time data as the <a target="_blank" href="https://www.businessinsider.com/china-economy-growth-consumer-spending-demand-real-estate-debt-crisis-2024-8">economy remains stuck in a rut</a>.

China's EVs are fueling a big oil demand slowdown

<ul class="summary-list"><li>The AI boom could make oil supply rise and prices fall, Goldman Sachs analysts say.</li><li>AI could boost oil supply via improved logistics and productivity.</li></ul>The artificial intelligence boom could make oil prices fall even as the technology boosts power demand, Goldman Sachs analysts said. The analysts point to AI's improved logistics capabilities and boost to oil recovery, which could increase oil supply and drive down prices in the next decade or so.That forecast stands in contrast to predictions that energy prices will rise as demand for AI requires more power for data centers."The debate on the impact of AI on energy and metals has mostly focused on the demand side given the expected boost to power demand. However, we highlight that AI may eventually weigh on oil prices over the next decade by boosting oil supply through two main channels," the analysts said in a Tuesday research note.The analysts point first to AI's potential to reduce oil production costs by improving logistics and resource allocation.They point to an example of oil rigs in North Dakota, where an oil company's use of AI-driven predictive and automated drilling reduced drilling times by 30%.Assuming a 25% productivity gain, other early AI adopters could save $5 per barrel in costs, the analysts estimate.The analysts say AI could also boost recoverable resources, with a hypothetical 10%-20% jump in recovering US shale, which could increase oil reserves by 8%-20%, or up to 30 billion barrels, they estimate.Those supply gains greatly outweigh any potential boost in demand, the analysts wrote. Even as AI requires more power, that demand likely won't effect oil demand since oil is "scarcely used as a source of energy for power generation today."Instead, power generation demand will likely boost power and natural gas markets, they said. Any AI-related increase in oil demand will likely come from higher incomes, which could raise prices by $2 per barrel, the analysts estimate.But that impact is minimal compared to how much electric vehicle adoption and lower natural gas prices will weigh on oil demand, while oil supply increases via the use of AI."Taken together, we believe that AI would be a modest net negative to oil prices in the medium-to-long term as the negative impact from the cost curve (c.-$5/bbl) - oil's long-term anchor - would outweigh the positive impacts from the demand side (c.+$1-2/bbl)," the analysts wrote.

Why AI could weigh down oil prices in the next decade, according to Goldman Sachs

<ul class="summary-list"><li>Trump's presidency may pressure Russia's oil and gas industry.</li><li>The EU is thinking about replacing Russian LNG with US shipments, potentially affecting trade dynamics.</li></ul>Russia's lucrative oil and gas industry could come under greater pressure when US President-elect Donald Trump takes office.Domestically, Trump is championing the US oil and gas industry and encouraging production — which is likely to underscore America's position as an oil and gas giant.Meanwhile, the European Union said it could consider buying more US liquefied natural gas in a deal with Trump that would address a trade deficit. The EU doesn't have to burn bridges to negotiate with Trump, because the bloc still imports LNG from Russia."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," European Commission President Ursula von der Leyen told reporters on Friday."It's something where we can get into a discussion," she said, referring to US's trade deficit with the eurozone, which reached <a target="_blank" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>To be sure, it's ultimately up to EU importers to decide where to import energy supplies based on market conditions.However, at least one EU country — <a target="_blank" class="" href="https://www.ft.com/content/d23591fc-0463-4346-865c-0e851a256ed2">Belgium</a> — is calling on the bloc to ban Russian LNG imports to further squeeze Moscow's war chest.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.The EU has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US — which is now a top exporter of the fuel to Europe, accounting for <a target="_blank" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Russia accounts for 8% of the EU's LNG imports. Other major LNG exporters to the EU include Qatar and Algeria."It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> on Friday.<h2 id="e98e057f-427c-49fe-80b4-6b3536753369">'Drill, baby, drill'</h2>Trump's victory could shake up the highly politicized energy industry as he has made it clear that he supports oil production."I make this pledge to the great people of America: I will end the devastating inflation crisis immediately, bring down interest rates, and lower the cost of energy," Trump said in his Republican National Convention speech in July."We will drill, baby, drill," Trump said.While Trump's pledges to loosen energy regulations in the US are seen as a boost to the industry, it could increase oil supplies — a negative for prices.For consumers, lower energy prices translate to lower pump prices and electricity bills.However, it would also pressure energy company profits and, in turn, discourage more production — which is at record levels in the US.But there could also be other moving parts in Trump's second term, including potential sanctions on oil supplies from Iran, Venezuela, and Russia — all of which could tighten global supplies and support prices.Even before Trump's second election, there are so many uncertainties surrounding the geopolitical economy of energy that <a target="_blank" class="" href="https://www.businessinsider.com/major-oil-producers-saudi-arabia-russia-diversify-economies-opec-shale-2024-10">Saudi Arabia and Russia,</a> two of the largest oil producers, are trying to diversify their economies.In the meantime, the broad energy market is taking a wait-and-see stance."Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter," wrote Kaushal Ramesh, the head of gas and LNG analytics at Rystad Energy research firm on Monday.

Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

<ul class="summary-list"><li>Russia's energy revenue could take another hit if Ukraine doesn't renew a key gas deal by the end of the year.</li><li>Losses could mount to $6.5 billion a year for Moscow, per Bloomberg's calculations.</li></ul>Russia could end up losing billions if Ukraine turns its back on a deal to keep gas flowing from the country.Ukraine's state-run energy giant, Naftogaz, is up to renew its gas pipeline deal with Russia's Gazprom by the end of the year. The two nations are in talks, but an agreement is unlikely before the deal expires in December — potentially hitting Russia with losses as high as $6.5 billion a year, according to calculations from <a target="_blank" class="" href="https://www.bnnbloomberg.ca/investing/2024/09/10/europe-braces-for-final-end-of-ukraines-russian-gas-deliveries/">Bloomberg</a>.Ending the pipeline deal would be a blow to Russia's gas trade, which is a key lifeline for the economy as it navigates a third year of war in Ukraine. Moscow has already weathered big losses from Western sanctions targeting its oil and gas sales, which <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1?_gl=1*1szjjqh*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNjE0NjAyMi4zMzQuMS4xNzI2MTQ3NDU1LjU5LjAuMA..">plunged 24% last year</a>.Ukraine, too, could face losses. The nation could lose around $800 million a year in transit fees, the report said, citing estimates from a Kyiv consulting firm.<a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/energy-crisis-europe-lng-price-gas-demand-destruction-exports-russia-2024-2">Europe's energy security</a> could also be affected. The continent has <a target="_blank" class="" href="https://www.businessinsider.com/russia-war-oil-prices-supply-europe-wind-solar-2024-7">shifted away from Russian energy</a> over the past two years, but it still gets gas from Russia via two pipelines. The deal set to expire at the end of the year accounts for 5% of Europe's total gas flows, the report added.Moscow, which once supplied as much as <a target="_blank" class="" href="https://www.brookings.edu/articles/europes-messy-russian-gas-divorce/">40% of Europe's gas</a>, has dialed back its energy flow to Europe and ramped up its exports elsewhere. Recently, Russia established a <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-china-in-russia-pocket-power-imbalance-xi-jinping-putin-2024-6">gas pipeline deal with China</a>, which has become one of its largest trading partners.Still, experts say Russia's economy remains on rocky footing, especially given the mounting costs of its war against Ukraine. <a target="_blank" class="" href="https://www.businessinsider.com/russia-worse-off-europe-eu-natural-gas-supply-cut-energy-2022-8">The nation is worse off financially</a> after slowing its natural gas exports to the continent, one Yale analysis found, given its difficulties passing off its energy supplies to other nations without steep discounts.

Russia stands to lose $6.5 billion a year if Ukraine doesn't renew a gas pipeline deal at the end of the year, report says

<ul class="summary-list"><li>US oil production hit a record of 13.4 million barrels per day last week.</li><li>The EIA predicts global oil consumption will continue to rise this year.</li></ul>US oil production notched an all-time high of 13.4 million barrels per day last week, according to<a target="_blank" class="" href="https://ir.eia.gov/wpsr/overview.pdf"> data</a> from the Energy Information Administration.That number is up from 12.6 million barrels each day a year ago, making for an 800,000-barrel increase.The new production record comes just months after the EIA announced in March that the <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">US produces more crude oil than any other country</a>.US crude prices were up 2.8% on Wednesday at 3:40 p.m. ET, trading at $75.28 a barrel. Both US and international oil prices have dipped in recent weeks as energy traders eye a possible slowdown of the US economy.In its latest <a target="_blank" href="https://www.eia.gov/outlooks/steo/">short-term energy outlook</a>, the EIA said it expects natural gas inventories in the US to reach 3,954 billion cubic feet by the end of October, which is the most natural gas the country has had in storage since 2016.And as US oil production continues to increase, the EIA predicts global consumption will only keep growing (though slightly less than previously predicted, due to slowing economic growth in China that's expected to stall its gas usage).The administration expects that oil prices will rise in the latter half of the year as global oil inventories fall, partly driven by <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russian-oil-exports-drop-sanctions-opec-cuts-tankers-shadow-fleet-2024-7">OPEC+ production cuts</a> enforced on member countries. It expects an annual average Brent crude oil price of $86 per barrel in 2025.Goldman Sachs analysts also say they foresee a recovery for oil prices. "We expect oil prices to recover on solid Western demand and a likely positioning rebound," the analysts said in a note on Tuesday.Oil prices are down about 7.5% from last year as traders adjust their outlook for disruptions stemming <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-today-israel-hamas-cease-fire-blinken-middle-east-2024-4">from geopolitical conflicts</a> in the Middle East, as well as concerns of a slowing US economy.

US oil production just hit a record high 

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul class="summary-list"><li>There's less than a 30% chance Middle Eastern conflicts spiral out of control, an Institute of International Finance economist wrote.</li><li>But in that scenario, oil and natural gas could appreciate 40% as supply gets strained.</li></ul>Oil and natural gas prices could significantly appreciate if conflicts in the Middle East take a turn for the worse, the Institute of International Finance said in a Thursday report. Thankfully the association's baseline scenario sees current turmoil as unlikely to escalate, with a less than 30% chance a wider regional war flares up. But if tensions did spiral out of control, the effects on the world's oil and natural gas supply would be dire."The potential impact of a disruption of supply on energy prices depends on the duration and severity of the disruption. While it is difficult to predict by how much and for how long energy prices would rise, we assume that oil and natural gas prices surge by 40% in 2024," analysts led by Chief Economist Garbis Iradian wrote. "Along with the increase in oil and natural gas, freight and insurance costs would increase considerably, creating inflationary pressures at a time when inflation remains above target."In the IIF's more pessimistic outlook, the US and its allies could fail to bring down the Houthis' capacity to attack Red Sea shipping lanes, something the Yemeni rebel group has been actively doing since late 2023. The attacks, carried out in protest of Israeli military operations in the Gaza Strip, have triggered Western security initiatives to operate in the region. If the Houthis hold out, their attacks could expand to include oil tankers and carriers that raw commodities, such as iron and grain, Iradian wrote. Meanwhile, oil supply would take a deeper hit from broader disapproval of Israeli actions, potentially sparking a war between Hezbollah and Israel. This could also drag Iran into the conflict, disrupting shipping from the Strait of Hormuz. "About 30% of global oil consumption passes through this strait, with a large portion of the oil exports from Saudi Arabia, Iraq, Iran, the UAE, Kuwait, and Qatar's LNG passing through it as well," Iradian said.The IIF's hypothetical has the potential to bring global growth down to 2.4% this year, compared to 3.1% in 2023. Under continued attacks on shipping, global trade volumes would decelerate to 0.8%, putting upwards pressure on inflation.Across developed markets, this would mean higher-for-longer interest rates, the IIF said, contributing to slower growth.The <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-opec-china-red-sea-shipping-crude-supply-2024-2?utm_medium=referral&amp;utm_source=yahoo.com">Red Sea turmoil may be the sole factor</a> keeping global crude at current levels, with <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> crude at $82.75. Otherwise, historic US production levels have kept supply ample, while demand has slowed from markets such as China.

You Searched For "oil and natural gas corporation" and got 11 results

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Russia says it's the bigger person for not cutting Europe's natural gas supply — but that's not all there is to it

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Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

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US oil production just hit a record high

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After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

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Oil and natural gas prices could spike 40% this year if war spreads across the Middle East, economist says

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