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New Delhi, Dec 16 () Fashion e-tailer Myntra on Monday said it expects about 15,000 of its kirana store partners to manage 70 per cent of the deliveries during its End of Reason Sale (EORS) slated for later this month.
 The 11th edition of Myntra's EORS is scheduled to be held from December 22-25 with participation from more than 3,000 brands.
 "In order to cater to the growing demand, we have increased our inventory by 100 per cent over the previous December edition and are expecting to serve 18 million users during the four-day sale period," Myntra Jabong Head Amar Nagaram said in a statement.
 The Flipkart-owned company expects to see 5X sales over normal days with over 50 per cent sales coming from tier II and III cities and towns, he added.
 "EORS also provides us an opportunity to collaborate with small businesses within our ecosystem and this time, we have partnered with 15,000 kirana stores for deliveries and 200 tailors for alterations services enabling them to augment their income," he said.
 Myntra is looking at acquiring 7 lakh new customers this edition and is expecting a 50 per cent increase in traffic to the platform over last year.
 The kirana model, under Myntra Extended Network for Service Augmentation, will cater to 70 per cent of the overall deliveries through 15,000 stores across the country, the statement said.
 In addition to this, there are nine forward deployment centres around high demand clusters to enhance logistical capabilities, it added.
 To make shopping more convenient for customers, Myntra has also partnered with 200 tailors to offer alteration services in Bengaluru, Delhi, Mumbai and Kolkata, and has opened 20 experience centres across the country to provide value-added services such as pick up, returns, trial rooms and alterations. SR RVK

15K kirana stores to manage 70 pc of EORS deliveries: Myntra

<ul><li>Myntra is looking at acquiring 7 lakh new customers this edition and is expecting a 50% increase in traffic on the platform than last year. </li><li>The fashion platform has added 50 new brands to its catalogue, partnered with 15,000 kirana stores to manage 70% EORS deliveries, and on-boarded 50 influencers to expand its reach. </li><li>Its communication will reach out to 300 million customers on different platforms as the number of creatives designed have been increased by 10X. </li><li>Harish Narayanan, Head – Marketing, Myntra Jabong shares how the platform ramped up its marketing game to grow the customer base, increase brand salience and engagement on the platform. </li></ul>
 <div type="Video" msid="72955907" hostid="261" title="What went behind marketing Myntra's biggest sale ever" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72955907"></div>



 Myntra’s End of Reason Sale (EORS) started with a bang as it sold 1.77 lakh items, with over 2.2 lakh new customers signing up, in the first 10 minutes of the sale. The fashion platform is looking at acquiring 7 lakh new customers this edition and is expecting a 50% increase in traffic on its platform than last year. The current edition has also brought in gamification, with four games - Brand Hunter, Logo Mania, Crossword and Santa Delivery, that customers played to earn points before the sale went live. The games were played by 6.5 lakh users. Myntra also on-boarded 50 influencers, the highest so far, to expand its marketing reach. Harish Narayanan, Head – Marketing, Myntra Jabong further shared how the platform ramped up its marketing game to grow the user base, increase brand salience and engagement on the platform. “We have increased the number of creatives we made by 10X. We will be reaching 300 million users with our combined marketing plan this time,” says Narayanan. In a first, 50 new brands were launched on Myntra, ahead of the mega sale event, offering shoppers the widest selection till date on the platform. Myntra has also scaled up the selection of its private brands with 1.5 lakh styles across apparel, accessories and footwear. Key categories with expected high demand include winter wear, women’s ethnic and western wear, denims, street wear, sports and beauty. The 11th edition will end on December 25. Myntra has also partnered with over 35 brands to enable deliveries directly from their stores resulting in a wider selection and faster deliveries for customers during EORS. To increase the consumer's convenience, Myntra partnered with 200 tailors to offer alteration services in Bangalore, Delhi, Mumbai and Kolkata and opened 20 experience centres across the country to provide value-added services such as pick up, returns, trial rooms and alterations. The highly successful Kirana model, under MENSA (Myntra Extended Network for Service Augmentation) will cater to 70% of the overall deliveries, through 15,000 stores across the country. In addition to this, there are 9 forward deployment centres around high-demand clusters, to enhance logistical capabilities. Myntra has also expanded the number of pin codes served to 23,000, providing access to customers across all corners of the country.

How Myntra is scaling up its sales during EORS on the back of a strong marketing game

Ahead of GST implementation on July 1, all retail and e-tail companies are making sure to clear the stock by introducing sales for customers to stock up on as much as they can. <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> is collaborating with <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> and <keyword id="6388367" type="COMPANY" weightage="20" keywordseo="Jabong">Jabong</keyword> to make the End of Reason Sale the biggest fashion sale event in the country. <keyword id="3188531" type="UNKNOWN" weightage="20" keywordseo="EORS">EORS</keyword> will be offering 50% to 80% off covering 3000+ brands. 99.99% of the styles on <keyword id="2547930" type="UNKNOWN" weightage="20" keywordseo="Flipkart-Fashion">Flipkart Fashion</keyword> will be on discount during the 3-day fashion fiesta from 24th to 26th June. There is an additional 10% Cashback on <keyword id="4678285" type="UNKNOWN" weightage="20" keywordseo="citi-credit-debit-cards">Citi Credit &amp; Debit Cards</keyword> and 20% Cashback on payments through PhonePe to act as the cherry on the cake. 

 

 

 

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 Some of the exciting offer constructs that consumers should watch out for are: •Brand Stock Exchange: Over 50 brands (Benetton, Puma, Fila, Fossil, Vero Moda, American Tourister, etc.) will participate and showcase their huge selection, where basis demand, discounts surge and prices are slashed every hour •Flash Deals: Over 100 top brands will go on flash sale with price crashes and close to 15-20% higher discounts •Big Fashion Loot: Incentives will be offered on multiple items bought together (additional 10-30% off) to drive basket purchases •The ABCs of Fashion: Curated offers on everything from Aviators to Zipped Jackets •Cashback on Ixigo: Flipkart Fashion will also be offering flat INR 750 cashback on domestic flights and INR 1500 cashback on international flights through Ixigo on a minimum purchase of INR 1500/- during this period 

 

 

 

 

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 With deep consumer insights, Flipkart will also be running insight-driven deals for different shopper segments - for instance, men have a higher affinity to shop late night, therefore, special deals on men’s clothing, footwear and sports will open up at night through a construct called ‘The Late Night Show’. Similarly, women specific deals will run to time with their buying patterns. Flipkart has also invested in its algorithm to better identify elusive shopper segments like parents, luxury shoppers, etc. and will have targeted and exclusive offers for these segments.

Flipkart, Myntra and Jabong are holding India’s biggest fashion sale ahead of GST

<ul><li>Most PSU oil stocks gave over 60% returns in the last one year with the exception of ONGC and BPCL.</li><li>ONGC and OIL stock is trading at a discount to international peers in spite of its recent run-up.</li><li>Analysts are divided on GAIL as its petchem capex and losses are a cause of concern.</li><li>OMCs like Indian Oil, HPCL and BPCL have closed the valuation gap and a rally is unlikely from hereon, believe brokerages. </li></ul>Few stocks can claim to have juice left as markets hit staggering heights as 2023 bid goodbye. Public sector unit or PSU oil stocks like ONGC, OIL and GAIL are a rare few which still hold value. Thanks to production expansions, regulatory consistency and more the government owned companies are set to better days ahead. Most of the oil stocks have given over 60% returns in the last one year, with the exception of BPCL and ONGC. Yet, the upstream companies especially are trading at a discount, claim brokerages. Thus, going ahead, Antique Stock Broking believes that ONGC and Oil India remain among the cheapest upstream stocks globally despite a rally in the last six months. “We believe the current valuations do not fully reflect the jump in realization of both oil and gas over the last 6-18 months and the resultant cash flow,” it said. Both the companies are expected to see significant free cash flows starting FY24, after the gas prices increased via Administered Pricing Mechanism by the government. Not only will it improve margins, but improved price realization would lead to much more attractive returns on their annual capex. “We believe positive momentum in the upstream sector would be led by a shift towards companies with undemanding valuation, while we find fundamental support led by steady earnings and cash flows on the back of regulatory consistency, stable commodity prices, and margins and triggers in the core production outlook,” said a report by Emkay. The long-term fundamentals of the stocks are intact say analysts even as government's changes in windfall tax might cause shortt-term movements. ONGC &amp; OIL: The production rise Oil India’s production has already increased in the current financial year, while ONGC is expected to commission KG 98/2 gas fields soon. There are other production increases planned as well. ONGC targets to increase production to 50mmtoe by FY28 from 40mmtoe in FY23. It will be driven by 23 ongoing projects, with a total capex of ₹60,000 crore. Oil India’s production increase plans will commence sooner as it expects IndraDhanush Gas Grid (IGGL) to be completed by March 24. Apart from increased production, it also aims to secure a premium pricing for its gas, adding to the stock’s appeal. “The management expects to secure a 20% premium on the current gas pricing formula for gas produced through new wells. The company is confident that wells utilizing IOR/EOR techniques will also qualify for the 20% premium, provided the company meets the minimum threshold achieved in the last decade,” said a report by Motilal Oswal. Moreover, dividend yield of both these companies is also good – at around 5-6%, beating their PSU peers who average at around 4%. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year returns </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: BSE GAIL: Value unlocking in offing On GAIL, which too is an upstream company, analysts are divided. The stock has seen a good run-up with the rise in oil prices last year, but did not see a fall when these crude prices fell. That’s due to the company’s plan to achieve transmission volume of 130-132 mmscmd by FY25. “The stock has been even stronger due to optimism of higher transmission volumes. We believe that despite the recent strong gas consumption data, India’s medium-term gas demand outlook is weak and LT (low temperature) outlook is even weaker,” said a report by Kotak Institutional Securities. Added to that, its petchem business delivered losses for the fifth consecutive quarter in Q2. Its LPG business is expected to return to profitability in the second half of the current financial year but losses could also come back during the summers, worry analysts. “Despite weak profitability, GAIL’s further large capex in petchem has been a key worry,” says Kotak. Sharekhan however believes that GAIL can post a strong earnings recovery over FY23-26, across business segments supported by stabilising global LNG supplies and improving price environment for its commodity businesses. It identifies other triggers for the stock price too, like value unlocking. “GAIL is evaluating for monetization of city gas distribution CGD assets and the same helps to unlock value from its stake in GAIL Gas,” said Sharekhan. OMCs: Capacity expansions too far in the future Oil marketing companies like Indian Oil, HPCL and BPCL on other hand too are planning capacity expansions. But only HPCL’s is likely to see benefit of volume growth over FY24-FY26 due to the expansion of its Visakh refinery, and petchem expansion at subsidiary, HMEL Bhatinda. IOCL is implementing refinery and chemicals expansion projects, but its volume growth is likely to flow through after FY26. BPCL’s volume growth from petrochemical expansion at Bina and Kochi can be visible only after FY28. OMC stocks have been gaining momentum due to fall in crude oil prices, but most experts see prices inching up to $80/barrel on account of geopolitical tensions. Brokerages believe that a further rally from the current prices for these stocks is unlikely. “We acknowledge that a higher discount on Russian crude is not likely and that proximity to general elections will limit any near-term upside to marketing margins despite moderation in crude oil prices,” said a report by Bob Caps.

State-owned oil stocks have more juice left in the barrel

<ul><li>The Beauty &amp; Personal Care market is thriving and one of the fastest-growing consumer markets, driven in particular by the Cosmetics and Skin Care segments, as per Statista’s latest report.</li><li>Myntra’s upcoming End of Reason Sale to offer 38,000 styles from over 750 brands in its Beauty and Personal Care segment.</li><li>On course to add 500 more brands and offer 50,000 style options by 2022.</li></ul>Myntra is witnessing strong growth in the Beauty and Personal Care segment on its platform. The category has registered over 2.5X YOY growth on Myntra and is expected to continue the growth momentum into 2022. Myntra is also betting big on the category for the upcoming edition of its marquee biannual event, EORS (End of Reason Sale), slated to be held this month. According to Statista, India's beauty and personal care market, estimated at $25.9 billion in 2020, is projected to reach $32.7 billion by 2023, growing at a CAGR of 8.1 percent. Revenue in the Beauty &amp; Personal Care market amounts to US$22,338 million in 2021. The market is expected to grow annually by 6.95% (CAGR 2021-2026). Beauty &amp; Personal Care is currently the fastest-growing category on Myntra, and is strategically showcased through platforms such as Myntra Studio and M-Live that drive engagement and build salience for brands in the category through DIY videos and live tutorials led by a charter of sought-after beauty influencers. For the upcoming edition of EORS, Myntra is gearing up for its largest-ever edition and in the last few months has added over 50 brands including Dermalogica, Anastasia Beverly Hills, W Beauty, Pilgrim, Swiss Beauty, and Syska Appliances, to participate in its flagship event. With never-before offers on brands, exciting propositions for all first-time beauty and personal care shoppers, and other interesting basket offers, shoppers have a lot to look forward to, in the upcoming EORS. Myntra continues to scale its Beauty and Personal care portfolio and currently houses 750+ brands and 38,000 styles, of which 400 brands and 15,000 styles were added this year alone. The emerging go-to BPC destination is aiming at adding another 500 brands in 2022, taking the total number of options to 50,000 styles. Myntra is witnessing a steady 3X increase in basket size. Myntra’s 15-day return policy has also enabled its consumers to have a smooth and hassle-free buying experience. In addition to this, the category is riding firmly on the back of its popular brand campaign led by Bollywood’s style icon, Disha Patani, who is the brand ambassador for this segment on Myntra. On the technology front, features such as AI-powered Skin analyser tool and virtual try-on are enabling consumers to undertake informed buying decisions on the platform. Some of the prominent international and domestic brands that were added on Myntra this year include Benefit Cosmetics, Bath &amp; Body Works, and Kora Organics among others. From a consumer demand perspective, Face Moisturizer, Kajal &amp; Eyeliner, Face Wash &amp; Cleanser and Lipsticks are some of the top selling items. Apart from these, fragrances and appliances, such as trimmers, are also some of the key categories that consumers flank the platform for. The top article types within categories such as make-up, are Lipsticks, Foundation &amp; Primer, Kajal &amp; Eyeliner, Eyeshadow, Highlighter &amp; Blush; Under skincare, the leading products include Face moisturizer, Face Serum, Mask &amp; Peel and Sunscreen; Under haircare, the leading products are, Hair Colour, Hair Oil, Hair Serum, Hair Cream &amp; Mask, while Body Lotion, Body Wash and Body Oil form an integral part of the Bath &amp; Body category. During EORS-15, shoppers can expect Buy 1 Get 1 on select brands and free shipping on orders above Rs 499. Ahead of the event, Myntra has also collaborated with some of India’s favorite celebrities, such as Salman Khan for Frsh, Virat Kohli for One8, and Sara Ali Khan for Maybelline to share special mentions from their social media channels to drive traction for the category.

Exclusive: Myntra to increase its focus on Beauty and Personal category; plans to add 500 brands and 50,000 styles by 2022

<ul><li>Kidswear witnesses 90% growth in a pandemic year, as parents choose to shop online from the comfort of their homes. </li><li>Myntra added 200+ kids brands during the pandemic to meet the latest need states of the consumers. </li><li>Myntra launches ‘Toys’ in the segment to boost the category. </li></ul>Kids’, as a category of apparel and accessories is emerging as a strong and promising segment for Myntra. As a platform that is aiming to holistically cater to the fashion needs of people under one roof, the kids’ category is an integral part of the overall value proposition of the online fashion platform and has registered a 90% growth over the last year. This may be attributed to the growing attractiveness of online shopping, from the perspective of safety, during the pandemic. As the nation’s largest destination for fashion, Myntra currently houses over 1.1 lakh styles from over 450 leading brands, in the kid’s category. Some of the leading brands on the platform in the Kids’ segment are, H&amp;M, UCB and GAP, among others, while leading products include, Dresses, T-shirts, Sweatshirts, Value Packs and Night Suits. The category also performed extremely well during the course of the pandemic, when its share of revenues doubled, registering strong organic growth for home wear and day wear article types, such as value packs, night suits and innerwear, among others. During the current year-end festive season, Myntra witnessed huge demand for party and outer wear, with sequins and embroidered dresses for girls and blazers and suits for boys. Winter Jackets and sweatshirts are also emerging as favourite among kidswear. Interesting facts on Kids wear: <ul><li>The ratio of products for boys and girls being sold on Myntra – 45:55 </li><li>Most searched product/style in the category – Girls (Dresses), Boys (T-shirts), Kids (Jackets)</li><li>Peak seasons – Festive season, summer holiday season, Children’s day</li><li>Upcoming trends in Kidswear – Printed joggers, colour blocked sweatshirts, brand carriers, casual dresses, smart sleepwear with witty quotes and cartoon printed T-shirts </li></ul>The ongoing End of Reason Sale, EORS, on Myntra which will end on 24 December, offers the perfect opportunity for parents to shop for winter wear for their children. On offer are over 150 brands and 11000 winter styles, with some of the top brands offering ‘Specially curated for Myntra’ ranges, bringing a very differentiated and fashionable line-up that is priced sharply. Strengthening the kids category even further, Myntra has launched ‘Toys’ on the platform recently, expanding its offerings in the segment. Coming as it does, ahead of Christmas, the section is live with 850 styles currently and on track to launching 1500 more in the next 3-4 months. Some of the leading brands in the segment include ToysRus, Disney, Barbie and Mattel among other leading toys brands in the country. Speaking on the segment, Ayyappan Rajagopal, Head of Business, Myntra, said, “The kids’ category is one of the major areas of focus for Myntra, especially after a very successful run in the recent months, peaking during the festive period. We have always been stronger in this segment in the metros and up north, and with the launch of a number of south and regional selection and brands our penetration into T2 and T3 cities has also increased significantly. Right now, we are witnessing over 100% growth in kids’ winter wear, with teens and pre-teens in the age group of 8 to 16 years, growing the highest. Overall, we are expecting strong traction in winter wear, T-shirts, dresses, infant apparel and ethnic wear, as a category in the days ahead.” Myntra strengthened its portfolio in the infant space with big launches like Chicco &amp; Mothercare. Along with that, many new launches like Max, Levi's kids, converse, Jordan helped the platform grow its footprint in the branded space.

Exclusive: As Myntra’s kidswear segment grows by 90% in 2020, the platform forays into toys and adds 200 kids brands

Carbon Engineering Ltd.The Bill Gates-backed startup Carbon Engineering is developing a direct air capture technology. Here, a rendering of its technology.<ul class="summary-list"><li>Carbon-capture technology is in vogue, and <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">it's backed by big investors including Bill Gates</a>. </li><li>But researchers and analysts caution that it's not a silver bullet to stave off climate change.</li><li>There's a problem of scale: Less than 0.1% of global emissions were captured by these technologies last year. </li><li>Plus, the vast majority of captured carbon is used to extract more oil out of the ground. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Carbon capture is, in theory, a simple solution to the climate crisis. There's too much carbon dioxide in the atmosphere and it's driving catastrophic planetary warming. Why not just suck as much as we can out of the air? That's what a range of technologies promise to do. And lately, they've been gaining a lot of attention. <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">Microsoft is talking about them</a>. Major investors are <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">backing them</a>. Even US senators <a href="https://thehill.com/policy/energy-environment/438534-senators-introduce-bipartisan-carbon-capture-bill">appear to be throwing in their support</a>.According to <a href="https://www.c2es.org/content/carbon-capture/">more than half of the models</a> cited in the Intergovernmental Panel on Climate Change's Fifth Assessment, we'll need carbon capture and storage to limit warming to 2 degrees celsius (3.6 degrees Fahrenheit), relative to pre-industrial levels, beyond which climate change will unleash some of its nastiest effects. <a href="http://newsletter.businessinsider.com/join/4np/power-line">Click here to subscribe to Power Line</a>, Business Insider's weekly clean-energy newsletter.There's no doubt that this technology will play a role in decarbonizing the economy. In fact, it already is. As of last year, there were 19 large-scale carbon capture and storage (CCS) facilities in operation around the world, <a href="https://www.globalccsinstitute.com/resources/global-status-report/">according to the Global CC Institute</a>, a leading carbon capture research firm. But experts say the technology is still far from reaching a relevant scale. Some doubt that it will ever get there. And even if it does, some say it won't be an answer, on its own, to climate change. "People are framing this as if it's a new industry that's going to be akin to solar or wind that just needs to scale up," Holly Buck, a researcher at UCLA's Institute of the Environment and Sustainability, said. "But really a better way to look at it is as a waste-disposal industry. It's basically cleaning up pollution for public health reasons and locking it away." Here are four key reasons that carbon capture tech is likely to fall short of saving us from climate change.<a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC17535F4210%3A921241186&amp;search=all%3AA%20facility%20made%20by%20Climeworks%20AG%20to%20capture%20CO2%20from%20the%20air%20is%20seen%20on%20the%20roof%20of%20a%20waste%20incinerating%20plant%20in%20Hinwil%2C%20Switzerland%2C%20July%2018%2C%202017.%20REUTERS%2FArnd%20Wiegmann%2FFile%20Photo">Arnd Wiegmann/Reuters</a>ClimeWorks is among the startups developing technology to capture CO2 from ambient air.<h2>1. All of the carbon capture technology in the world captures less than .1% of global emissions </h2>This isn't the first time carbon capture technology has been presented as a solution to decarbonization. Remember so-called clean coal? More than a decade ago, the oil and gas industry was talking about outfitting coal power plants with CCS, in order to lower their emissions. But for the most part, clean coal failed to launch. "There was a big expectation 10 years ago that coal would be such a dominant portion of electric generation and to decarbonize, utilities would need to deploy carbon capture at their coal-fired power plants," said Pavel Molchanov, an energy analyst at the investment bank Raymond James &amp; Associates. "Well, what's happening to coal in reality? Coal plants <a href="https://www.reuters.com/article/us-usa-coal-decline-graphic/us-coal-fired-power-plants-closing-fast-despite-trumps-pledge-of-support-for-industry-idUSKBN1ZC15A">are shutting down left and right</a>." Molchanov says it's often cheaper to shut down coal plants in favor of other energy sources than to keep them running with carbon capture, which is one reason why CCS technologies haven't scaled. The scale of these technologies really is small. In 2019, the global capacity of CCS facilities that were either operating or under construction was just 40 million metric tons of CO2, per the Global CCS Institute. That same year, worldwide emissions reached an estimated 36.8 billion tons, according to <a href="https://www.globalcarbonproject.org/carbonbudget/19/highlights.htm">projections by the Global Carbon Project</a>. Here's how the math shakes out: Last year, all of the CCS facilities around the world captured about 0.1% of global CO2 emissions or less. "That's a rounding error," Molchanov said. ReutersIn 2018, 90% of captured CO2 was used to extract more oil from wells.<h2>2. Most of that captured carbon was used to extract more oil out of the ground</h2>There's a lot you can do with CO2. You can <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1#carboncure-11-million-1">mix it into concrete</a>; you can recycle it into <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1#lanzatech-503-million-5">synthetic fuels and plastics</a>; and you can use it to <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1#climeworks-34-million-2">carbonate drinks</a>.You can also use it to extract more crude oil from the ground, in a strategy called enhanced oil recovery (EOR). That may sound a little backward - after all, it's the combustion of that very oil that leads to CO2 emissions. But according to a research note that Molchanov published last summer, as much as 90% of the total carbon captured in 2018 was used by oil and gas companies for OER. "They're putting it into these underground oilfields, and it actually helps you get more oil out," he said. "It sort of kills two birds with one stone: You get more oil out, so the oil companies are happy because they make more money, and it actually sequesters carbon." Here's how it works: Typically, the oil inside underground reservoirs is pressurized, so some of it <a href="https://www.energy.gov/fe/science-innovation/oil-gas-research/enhanced-oil-recovery">- about 10%</a> - comes to the surface on its own, or through pumping mechanisms.The rest is sucked out in secondary and tertiary phases, which commonly include injecting CO2 into the well. When the gas bonds with the oil, it swells and becomes easier to recover. EOR techniques can recover as much as 60% of a reservoir's oil stock, according to the US Department of Energy, and most of the CO2 stays sequestered underground. ClimeworksClimeworks founders Cristoph Gebald and Jan Wurzbacher in front of the startup's carbon capture technology<h2>3. Carbon capture technologies are still expensive</h2>Though CO2 is all around us, pulling it out of the air - which companies do through chemical processes - is energy-intensive and expensive. Absent a high price on carbon, <a href="https://www.businessinsider.com/clean-energy-industry-trends-to-watch-how-to-invest-money-2019-12">some investors say that it doesn't yet pay off</a>.About "40 countries and more than 20 cities, states and provinces already use carbon pricing mechanisms," <a href="https://www.worldbank.org/en/programs/pricing-carbon">according to the World Bank</a>. But in most regions including California - where the gas was about <a href="https://rhg.com/research/the-footprint-of-us-carbon-pricing-plans/">$15 a ton</a> in 2018 - the cost of carbon doesn't come close to the cost of capturing and storing CO2 using technology. Estimates for the cost of direct air capture technologies, which startups like <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1#carbon-engineering-112-million-3">Carbon Engineering</a> are working on, range from $50 to $1000, according to a report by the research group <a href="https://energyfuturesinitiative.org/">Energy Futures Initiative</a>. Without legislation in place that ramps up the cost of carbon, it's unlikely that carbon capture technologies will scale through market mechanisms, Buck says. "I think the people who are championing it right now don't want to spell out the kind of policy needed to get it to a gigaton scale," she said. <h2>4. Carbon capture is opposed by many environmental groups</h2>In a story <a href="https://theconversation.com/capturing-carbon-to-fight-climate-change-is-dividing-environmentalists-110142">published in The Conversation last year</a>, Buck wrote about how hundreds of environmental groups, including Greenpeace and the Climate Justice Alliance, oppose carbon capture and storage. Many of these organizations represent underserved areas that have been fighting against oil and gas companies that have a history of polluting in their communities, she says. If these companies are able to offset their emissions by paying to remove CO2, instead of shuttering a polluting power plant, for example, it allows them to continue business as usual. "This discourse began after 2005 when the coal industry was really interested in clean coal - carbon capture and storage as a way to continue coal production," she said. "We're in a new era of carbon removal. But those earlier concerns are still there." What's changed is the ambition of carbon reduction targets. Dozens of countries, cities, and states like California have now set net-zero deadlines, <a href="https://www.businessinsider.com/decarbonization-is-good-for-business-repsol-ceo-says-2020-1">as have oil and gas giants like Repsol</a>."That implies removal to balance residual emissions," she said. Environmental groups acknowledge the need for large-scale carbon removal projects, she said. But there are "a ton of questions about how you go about doing it."This story is part of Business Insider's clean energy coverage. Do you have tips about these companies? Please contact this reporter at bjones@businessinsider.com or through the secure messaging app Signal at (646) 768-1657.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">The 5 buzziest carbon capture and storage startups working to bring that technology to market.</a></li><li><a href="https://www.businessinsider.com/linkedin-analysis-reveals-how-male-dominant-the-energy-industry-is-2020-2">An analysis of 870,000 LinkedIn profiles reveals just how male-dominated the energy industry really is. Four experts told us how to make it more inclusive.</a></li><li><a href="https://www.businessinsider.com/top-7-companies-dominating-the-17-billion-us-solar-industry-2020-2">Meet the top 7 US companies dominating the $17 billion solar-energy industry</a></li><li><a href="https://www.businessinsider.com/decarbonization-is-good-for-business-repsol-ceo-says-2020-1">The chief executive of oil and gas giant Repsol reveals why the company's first-of-its-kind commitment to net-zero emissions is smart for business</a></li></ul> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-groundhogs-predict-weather-origin-history-groundhog-day">How groundhogs became the animal that predicted the weather</a></h3>

4 disappointing facts about carbon capture tech that explain why it's not about to save us from climate change

<keyword id="59287" type="COMPANY" weightage="100" keywordseo="Cairn-India">Cairn India</keyword> is looking forward to invest Rs 30,000 crore in the next three years to produce an additional 1,00,000 barrels per day of oil and oil equivalent gas, from its Rajasthan fields. This was confirmed by its mining billionaire promoter <keyword id="6354819" type="PERSON" weightage="20" keywordseo="Anil-Agarwal">Anil Agarwal</keyword>. 
 He also confirmed the merger of the cash-rich <keyword id="64469" type="CITY" weightage="20" keywordseo="Cairn">Cairn</keyword> with its parent <keyword id="2735606" type="UNKNOWN" weightage="20" keywordseo="Vedanta-Ltd">Vedanta Ltd</keyword> is likely to be completed by March-end. 
 
Agarwal added that the merger of Cairn India with Vedanta Ltd will be completed by March-end. "We are on track. There is no problem. The merger will be completed by March," he said. 
 
"We have committed to investing Rs 30,000 crore to add 1,00,000 barrels per day of oil and oil equivalent gas over the next three years," he told PTI. 
 As of now, Cairn produced 2,06,230 barrels per day of oil equivalent in the second quarter ended September. Bulk of the production came from its Rajasthan block that gave 1,67,699 barrels of oil equivalent per day (boepd). The Ravva field in the Bay of <keyword id="6356978" type="CITY" weightage="20" keywordseo="Bengal">Bengal</keyword> produced 18,823 boepd and Cambay another 9,877 boepd. 
 
"India has been very less explored and we believe there is enough resources below the ground that can be produced," he told PTI. 
 
Cairn is investing in enhanced oil recovery (EOR) and improved oil recovery (IOR) scheme to sustain production from the oil fields as also develop the Raageshwari Deep Gas (RDG) project. It is looking to increase gas production to 40-45 million standard cubic feper day (mscfd) by 2017 and 100 mscfd by 2018-19. 
 
Vedanta is said to be keen on using Rs 23,290 crore cash lying with Cairn to pay off part of its Rs 77,952 crore debt. 
(image: Indiatimes)

Cairn India looks forward to invest Rs 30,000 crore to add 1 lakh bpd of oil

<ul><li><keyword id="31174" type="PERSON" weightage="20" keywordseo="brands">Brands</keyword> have seen early signs of recovery during <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> and <keyword id="6385850" type="UNKNOWN" weightage="20" keywordseo="Raksha-Bandhan">Raksha Bandhan</keyword> and their businesses are approaching normalcy. </li><li>After surviving the storm during the lockdown, brands have a lot of hope resting on the festive season to bring in cheer and profitability in their businesses. </li><li>With Ganesh Chaturthi around the corner, we decided to speak to a few brands across categories on how they are preparing for the festive season and what kind of expectations they have pinned on the latter half of the year for recovery. </li></ul>Brands are pinning a lot of hopes on the festive season this year to help them bounce back. They have started working on their advertising campaigns in full swing to win back consumer trust and help shape the <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> sentiment. The festive season, which begins in August and continues till January, often results in a disproportionate increase in demand of goods and services, marking an important period for most consumer brands. However, the pandemic this year has made consumers frugal and the current market unrest has taken a sharp toll on the total spends. As per Madison’s report, AdEx collapsed by as much as 65% because of COVID-19 in Q2, indicating how badly the economy has been performing so far. Last year for Television, the Indian Premier League (IPL), ICC World Cup and Elections in Q2’19 contributed around Rs 3,000 crore (34% to the TV AdEx in Q2’19). However, the pandemic removed both these money-spinners from the AMJ quarter this year, which has added to the decline. This year, brands are trying to come up with innovative solutions to reach out to their consumers at their door steps and are optimistic about seeing a stable growth in the next few months. Fashion e-commerce giant Myntra has seen early signs of recovery and <keyword id="1549018" type="PERSON" weightage="20" keywordseo="consumer-sentiments">consumer sentiments</keyword> picking up during Raksha Bandhan as it witnessed a surge in demand for women's ethnic wear, men’s occasion wear, kids wear, and accessories such as watches, handbags. It also saw 3.5 million customers shopping during the June edition of EORS, a testimony of how consumer sentiments are getting back on track. “The festive season, followed by winter, is the most exciting quarter for Myntra. This year we are expecting a massive scale and growth in festive buying as consumer sentiment continues to be strong. Myntra is already operating at a pre-lockdown scale, and this upcoming festive season will definitely help us in boosting our growth further. Our focus will continue to be on enhancing customer experience by providing high-quality merchandise in a curated and personalized store, along with safe and fast delivery. Our new customer acquisition is at an all-time high and we are ensuring we help them in all their lifestyle needs. We are witnessing a spike in our Tier II and Tier III customers and orders as well,” said Ayyappan Rajagopal, Head of Business, Myntra. Another new-age brand Melorra that specializes in modern jewellery, has managed to avoid the losses incurred by various other businesses during the pandemic months. It saw a 400% growth in the last financial year, and is confident of matching that level of growth with a strong performance in the upcoming festive season. “The festive season this year is expected to be even more impactful than the past for Melorra. Firstly, the lockdown that started in March slowed down the jewellery purchase due to disruption in the delivery logistics, and most of the people are looking to buy jewellery now that the deliveries have resumed. Given the pandemic, all festivities in the first 2 quarters of the FY was a washout, hence there could be a trend reversal during festive season – but not at the previous levels. Since the prices are also at an all-time high, customers would opt for lightweight and trendy gold jewellery that is not only stylish but also easy on the pocket. Melorra caters to women who live in the moment and do not keep gold stacked away in lockers like before. Hence, it is definitely a key period for the brand and the jewellery industry at large,” said Sharat Krishnan, Head of Marketing, Melorra. The festive season has always been the most important part of the year for the jewellery business. Titan has already seen 80% recovery because people are celebrating their milestones with their families at home. It has a campaign and launch of a new collection lined up for October. Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd sees no reason why the festive season shouldn’t be as good as last year. “It would be as good as last year or slightly lesser. The most optimistic expectation is that it should be as good as last year. Even if it is 90% or 80% close to last year’s performance, that’s good. We’re currently seeing 80% recovery and this is my best estimate. We’ve seen this recovery because people are still celebrating milestones like anniversary, birthdays, etc. They understand that the reality is grim but how long can you keep your life on hold? They want to feel good. Also, Q3 is wedding season but the festive season is delayed this year so the season may start a little slower unless there are massive rebound cases. Some markets also take two steps forward and three steps back, there is always some fluctuation. However, after October, we are hoping to see more stability. We will also launch a new collection and campaign around October,” shared Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd. On what the consumer sentiment would likely be this festive season, Nidhi Sinha, Head of Content, Mintel India said, "One of the most important things people are looking forward to once the restrictions of the pandemic are lifted is meeting friends and family. However, according to research from Mintel’s Global COVID-19 Tracker in August, 42% of Indian consumers are looking forward to meeting family and friends in person compared to 34% of consumers in early July. This desire has accelerated due to the onset of the festive season." Mintel's research data indicates that consumer sentiment is improving and there is more willingness to spend on luxury items and good brands in the market. Sinha added, "Ganesh Chaturthi, which is round the corner, would be one such important festival that would entail celebrations in a different way so as to be in line with the pandemic protocols. As people continue to be under restrictions due to the pandemic, this festival is expected to be low key compared to regular times. However, Mintel research highlights that 30% of Indian consumers are planning to spend more on clothes and accessories, presenting an opportunity for brands. This is indicative that people are planning to spend on indulgences despite a negative economic outlook. Brands like Gemini oil, Ferns and Petals and Cadbury have been very agile in talking about the changing face of the festivities and how it is an opportunity for people to spend such festivals at home with their loved ones.” Festive season is an important period for the retail industry. It is a time when consumer spending is at an all-time high. One of the leading sportswear brands PUMA has multiple new launches planned throughout the season to cater to increasing demand. Telling us how the consumer sentiment changed in retail, Abhishek Ganguly, General Manager, PUMA India and Southeast Asia said, “As we’re witnessing right now, online channels will continue to be a convenient option for consumers to shop. Given the precautions around health and safety, we are seeing people shop online or go to a store where they are confident about the hygiene measures being implemented. Having said that, as lockdown continues to be relaxed across the country, we are seeing a steady week-on-week increase in footfalls with consumers visiting our stores to buy fashion essentials.” On festive expectations, Ganguly added, “Over the last 3-4 months, we have been seeing steady growth across both our offline and online channels. The conversions have increased substantially from pre-Covid times as people exactly know what they want to buy and are shopping with a clear intent. Given the trend of how things are continuing to improve compared to the previous months, we are very hopeful of a strong September and October. We hope this trend continues through the festive season and beyond.” Electronics giant Philips has launched a few new products like Smart Hair Dryer, Eyebrows Trimmer this month to ride on the improving consumer sentiment due to the festive season. Gulbahar Taurani, Vice-President, Personal Health, Philips Indian Subcontinent, Philips India, said, “The trends indicate that this is going to be a good season. We will have our challenges in terms of supply chain, partial lockdown, movement of products because the number of COVID cases are going up. From a demand standpoint, we see a very positive sentiment. I believe that this is going to stay, which will drive the festive season. As a part of the festive season, we had a couple of new launches last month itself.” The furniture segment, which was on complete halt during the lockdown as it did not fall under essentials, is also gearing up for the festive months. Given that individuals are spending more time at home due to the lockdown, home-grown brand Pepperfry witnessed an uptick in demand for WFH furniture and décor. In fact, Pepperfry is already at 100% of its pre-lockdown sales volumes. Kashyap Vadapalli, Chief Marketing Officer &amp; Business Head, Pepperfry is now anticipating to see this trend boost their sales further as people continue to focus on making their home spaces better equipped for everything. The brand is upping its digital media game and has launched a new campaign called ‘Swadeshi is Great’. “Given that household products and celebrations at home play such an important role during the festive season, consumers are constantly looking to revamp/renovate the space such that the home category witnesses a natural upswing in demand during festivals. With this combination of consumer adaptation and brand innovation, we are positive about the consumers’ outlook and demand for categories like home décor and furniture. As consumers have become apprehensive with regards to shopping offline or even stepping outside, they are increasingly adapting to buying online. Our online business is already at 120% of pre-COVID levels. As we move along, we plan to keep innovating with digital tools to enhance our consumers’ buying experiences,” said Vadapalli. The sudden outbreak of the pandemic brought a lot of businesses to a standstill. However, one of the few sectors that have seen an upturn amid the nationwide lockdown is EdTech. Now, to evolve with changing times and to prepare for the upcoming festive season, upGrad is looking at altering its marketing strategy. It is shifting its spends towards TV as consumers would want to spend more time together, while supplementing it with digital. Telling us what kind of changes EdTech has gone through lately, Arjun Mohan, CEO-India, upGrad said, “Given the current scenario, consumer priorities are being re-calibrated. They are now undergoing a behavioral shift which is directly reflecting on their spends. Unlike earlier, individuals today have ample time and money to spend on upskilling options, which otherwise, was parked for a later date. upGrad has seen a big behavioral shift in the mindset of parents too towards learning online, as they have seen their kids benefiting from it in real-time. This is one of the major drivers that has created a massive demand for our specialised online programs, which not only enhances the domain knowledge, revise skill sets, etc. but also help professionals achieve desired career outcomes.” All brands voiced their confidence that the worst has passed, and the markets will only move towards normalcy hereon.

Festive Marketing: Brands are optimistic that improving consumer sentiments will help them bounce back and bring in profitability

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>The world powers and Iran <a href="http://www.businessinsider.com/world-powers-have-reached-a-landmark-nuclear-deal-with-iran-2015-7">struck a deal on Tuesday</a> to curb Iran's nuclear program for at least 10 years in exchange for billions of dollars in relief from international sanctions.Since Iran has the fourth-largest <a href="https://www.cia.gov/library/publications/the-world-factbook/rankorder/2244rank.html">proven</a> crude oil reserves, everyone's wondering what Iran's re-entry on the global market means."A potential return of Iranian oil to the market could not have come at a worse time," Barclays commodities analyst Michael Cohen wrote in a note to clients. "An increase in Iranian exports beyond 300-400 kb/d would be difficult for the market to absorb."Right now, the oil market is already saturated as supply greatly outpaces demand. Consequently, more Iranian oil means that <a href="http://www.bloomberg.com/news/articles/2015-04-07/iran-deal-may-cut-eia-oil-price-forecast-by-as-much-as-15">prices could drop further</a>, and there will likely be increased competition within OPEC (especially since Iran and <a href="http://www.businessinsider.com/iran-could-soon-shake-things-up-for-saudi-arabia-2015-7">Saudi Arabia</a> are both members of the oil cartel.)Furthermore, "given continued statements from the Obama administration that sanctions can be snapped back at any time, we would expect refiners to be reluctant to conclude long term procurement arrangements with Iran during 2015," writes Cohen.<h2><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Good news for Mediterranean countries</h2>Still, one area that is poised to benefit from Iran's oil is the <a href="http://www.businessinsider.com/iran-and-russia-competing-over-crude-oil-in-europe-2015-7">Mediterranean Euro area</a>. After Iran was banned from selling oil to Europe in 2012, Russia pounced on the market. But now, "Iran is going to be competing in Europe head-on with Russia," Ed Morse, head of commodities research at Citigroup Inc. previously <a href="http://www.bloomberg.com/news/articles/2015-07-05/russia-seen-as-biggest-oil-market-loser-when-iran-comes-back">told Bloomberg</a>."We are looking forward to Iran coming back to the market," a spokesman for Greece's biggest refiner Hellenic Petroleum <a href="http://news.yahoo.com/european-refiners-ready-welcome-return-iranian-crude-135941635--finance.html">told Reuters</a>. However, it's important to note that there are still many uncertainties over how quickly Iran will get off the bench and back into the game."Restarting of mothballed fields and reopening the sector to foreign investment faces many obstacles," according to Barclays analysts.Additionally, Dr. Mamdouh G. Salameh, an international oil economist and World Bank consultant, <a href="http://gulfnews.com/business/sectors/energy/uncertainty-over-iran-s-oil-production-increase-1.1487180">told Gulf News that</a> Iran's oilfields are old and need huge repairs if the Islamic Republic wants to increase production."It will take Iran more than two years to deploy the enhanced oil recovery (EOR) technology to repair the damaged reservoirs in its oilfields and try to increase production," he said. "Even then it might only succeed in limiting the fast depletion in its oilfields rather than increase production." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-much-sex-should-happy-relationship-rachel-sussman-2015-5">How much sex you should be having in a healthy relationship </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZsOHdhdTrVUE8WmzgO9g4CCWDc5YvI8t" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

OIL EXPERT: 'A potential return of Iranian oil to the market could not have come at a worse time'

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Iran could really shake things up for Saudi Arabia if the nuclear deal passes.The Islamic Republic "wants to double crude exports soon after sanctions are lifted and is pushing other members of [OPEC] to renew the cartel's quota system," a top Iranian official <a href="http://www.wsj.com/articles/iran-projects-oil-exports-to-almost-double-after-sanctions-lifted-official-1436098424?mod=fox_australian">told the Wall Street Journal</a>.Both of these things aren't going to make Saudi Arabia too happy: The Kingdom wants to raise its own export number - given the lower oil prices - and has <a href="http://www.businessinsider.com/saudi-arabia-russia-opec-oil-output-2015-6?_ga=1.81660951.1626314061.1436185862">so far been against OPEC production cuts</a>.Saudi Arabia and OPEC have been pumping record amounts following the oil price plunge over the last year.Iran's oil minister expressed similar sentiments to other OPEC ministers at a recent meeting on June 5. Saudi Arabia's oil minister Ali al-Naimi "brushed off" the proposal, according to the Journal.OPEC won't return to quotas unless it's "absolutely necessary," al-Naimi added, and the recent price crash wasn't enough. <div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Iran's deputy oil minister for planning and supervision Mansour Moazami told the Journal that oil exports would increase to 2.3 million barrels following the nuclear deal, up from the current number of 1.2 million."We are like a pilot on the runway ready to take off. This is how the whole country is right now."However, some <a href="http://gulfnews.com/business/sectors/energy/uncertainty-over-iran-s-oil-production-increase-1.1487180">analysts have expressed doubts</a> over how quickly Iran can increase its production. Dr. Mamdouh G. Salameh, an international oil economist and World Bank consultant, <a href="http://gulfnews.com/business/sectors/energy/uncertainty-over-iran-s-oil-production-increase-1.1487180">told Gulf News that</a> Iran's oilfields are old and need huge repairs if the Islamic Republic wants to increase production."It will take Iran more than two years to deploy the enhanced oil recovery (EOR) technology to repair the damaged reservoirs in its oilfields and try to increase production," he said. "Even then it might only succeed in limiting the fast depletion in its oilfields rather than increase production."Still, Iran's potential re-entry in the market comes at a tender time for energy prices. Other analysts believe that Iran's return <a href="http://www.businessinsider.com/why-russia-fear-an-iran-nuclear-deal-2015-5">might be followed by lower oil prices</a>.<a href="http://www.businessinsider.com/why-russia-fear-an-iran-nuclear-deal-2015-5"> </a>Oil fell by over 45% in the last year. <a href="http://www.businessinsider.com/crude-oil-price-july-6-2015-7">On Monday</a> Brent crude oil fell to $54.25 per barrel - which is the first time since April it dipped below $60. <div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The nuclear deal deadline is in sight - with the official deadline on Tuesday, July 7. (Although the White House needs a deal by June 9.)But that doesn't mean that everything is going smoothly.On Sunday, <a href="http://www.bloomberg.com/news/articles/2015-07-05/kerry-tempers-iran-deal-optimism-as-foreign-ministers-return">Secretary of State John Kerry dampened the mood</a>, nothing that although progress has been made, "we are not yet where we need to be on several of the most difficult issues.""We're not going to shave anywhere at the margins in order to get an agreement," he added. "This is something that the world will analyze, experts everywhere will look at. None of us are going to be content to do something that can't pass scrutiny."<a href="http://www.wsj.com/articles/iran-projects-oil-exports-to-almost-double-after-sanctions-lifted-official-1436098424?mod=fox_australian">Check out the full WSJ article &gt;.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/facts-about-chinas-economy-2015-5">11 facts that show how different China is from the rest of the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I0eHVhbzrANfS21eNbb_ySmSxf8HQXBg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "EORS" and got 11 results

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