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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>Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.</li><li>China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.</li></ul>The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a> — the world's largest oil importer — is in a prolonged economic downturn. The US' massive boom in oil production over the last 15 years has also kept prices low.Now, Saudi Arabia and Russia are both trying to diversify their economies away from energy, which makes up about 40% and 20% of their GDP, respectively.With the shift, Saudi Arabia and Russia are trying to create new economic engines that can sustain the country for decades, Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto, told Business Insider.The existential reorientation comes amid what Prakash terms a "geopolitical misalignment," even in the face of a potential supply disruption."The reality is that Middle Eastern oil supplies are in the bull's-eye of geopolitics. A potential back-and-forth between Israel and Iran, which is increasingly likely, will draw in the region's energy ecosystem," he said.But this year, markets have largely shrugged off supply concerns stemming from the Middle East conflict — a break from history, when regional problems sent prices higher.<h2 id="45bcbf13-524d-48a5-aa00-144efa7dd75c">Moving away from oil</h2><a target="_blank" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Saudi Arabia and Russia</a> tied for the world's second-largest oil producer after the US. Last year, they each accounted for 11% of the world's oil supply.While Saudi Arabia and Russia are still the world's top oil exporters, the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61584">US — which posted record oil shipments in 2023 — is fast becoming a competitor</a> for market share.In 2016, Saudi Arabia launched a grand <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to transform its oil-dependent economy into a more diversified one that includes tourism and sports as key growth pillars.Recently, the kingdom has been indicating that it's frustrated with low oil prices. It's giving up its $100 per barrel price target and is ready to increase oil output, the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported in late September.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.Russia has also expressed a desire to stop over-relying on oil exports."We are moving towards reducing the share of volatile income and reducing Russia's dependence on oil and gas in favor of boosting our domestic economy," Anton Siluanov, Russia's finance minister, told <a target="_blank" href="https://russian.rt.com/business/article/1379636-minfin-anton-siluanov-intervyu">RT Television's Arabic</a> service earlier this month.He said that Russia would instead aim to boost its domestic economy but did not specify how.Russia is already moving its trade eastward to address Western sanctions. <a target="_blank" class="" href="https://www.energyintel.com/00000192-ae46-dc01-adba-efff87000000">Saudi Arabia,</a> too, is looking to sell more oil to developing countries, whose electric vehicle adoption lags behind China and the West.Asia's emerging economies are expected to drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">global oil demand</a> over the rest of the decade, as the world's consumption rises from 101.7 million barrels a day in 2023 to 105.6 million barrels per day by 2030, according to a June report from the <a target="_blank" class="" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">International Energy Agency</a>.<h2 id="6ae61431-8898-4c52-9abf-24b4a2055996">Prices, renewable energy, and the US all play a role</h2>Despite geopolitical tensions in the Middle East over fears of a widening war, oil prices haven't been on the climb.To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-prediction-brent-crude-israel-iran-opec-demand-citi-2024-10">oil prices could still</a> soar if the issues in the Middle East worsen.And there were several price spikes — such as in early October over concerns that Iranian oil facilities could be hit and in August over tensions in the Middle East — but they were shortlived. Oil prices dropped about 7% last week after the concerns subsided.International benchmark <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude futures are down about 4% this year to date to around $74 a barrel, and US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> futures are down 1.3% so far this year to around $70 a barrel.A key contributor to the price trend comes from the US, which has witnessed a significant rise in oil production over the last 15 years following the shale oil boom.Matthew Huber, a Syracuse University professor who specializes in energy, climate politics, and resource geography, said the US has nudged Saudi Arabia out of its role as a swing producer."I think the US has now overtaken this role and because we're not in the Middle East, geopolitical conflict there is less impactful," Huber added.Then there's renewable energy."The explosion of electric vehicle adoption in China (and presumably or eventually in the US and Europe) means the writing is on the wall and we're going to reach 'peak demand' for oil sometime soon," said Huber. "It was always a good idea to diversify one's economy away from just oil but now more than ever."<h2 id="f0b0eb00-b6b7-4f2f-9acd-d2d555ca6010">The role of OPEC</h2>The changing dynamics of oil also sharpens the long-standing question of OPEC's influence and relevance. The oil producer group led by Saudi Arabia accounts for about 30% of global crude production."It goes in cycles. They were obviously relevant in the 1970s when they were able to increase prices almost single-handedly," said Huber."But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.OPEC also faces rifts within its members, who have competing priorities."The big question now is whether OPEC members are all aligned in terms of oil targets," said The Geopolitical Business's Prakash, who added that not all OPEC members may be on board with Saudi Arabia's plan to boost production.A potential Trump presidency in the US could drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-trump-win-election-financials-energy-rbc-2024-10">domestic oil and gas production.</a>"If OPEC can't bring everybody together, and members go their separate ways, it will lead to a further polarization of the Middle East," said Prakash."Instead of energy bringing the region together, like it did in the past, energy coupled with geopolitics could fragment the Middle East," he said.

2 of the world's biggest oil producers are looking for new ways to power their economies

<ul class="summary-list"><li>The price of oil could hit $120 a barrel by early 2025, according to Citi.</li><li>That's according to the bank's bull case, which assumes conflict in the Middle East escalates.</li></ul>Oil prices could soar more than 60% by early next year if conflict in the Middle East continues to escalate, according to Citi.The bank said oil prices could go as high as $120 per barrel in the first quarter of 2025, implying a 62% increase. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, traded around $73.48 a barrel around midday on Thursday.The forecast is Citi's bull case for oil, which hinges on conflict in the Middle East escalating and sparking disruptions to supply. <a target="_blank" class="" href="https://www.businessinsider.com/israel-iran-middle-east-upheaval-hurt-harris-campaign-before-election-2024-10">Should Israel retaliate</a> against Iran's recent <a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">missile attack</a>, that could jeopardize key oil production infrastructure in Iran, which could crimp production and put upwards pressure on prices, according to Eric Lee, an energy strategist at the bank."[T]here are a number of scenarios where this could impact a couple million barrels a day of Iran's oil production and exports, and in that case, we could be looking at something more akin to what happened to Russia-Ukraine in 2022," Lee said <a target="_blank" class="" href="https://www.youtube.com/watch?v=BJqqSpqwgTE">interview</a> with Yahoo Finance on Wednesday, pointing to the oil-price spike shortly after Russia's invasion of Ukraine. To be sure, the forecast for $120 a barrel marks a stark divergence from Citi's base case, which is for crude prices to stick around $74 a barrel before drifting lower to $60 a barrel later next year. Israel has also said that it would strike at military targets, rather than nuclear or oil facilities, in retaliation against Iran for its missile attack on October 1. Citi's base case implies an 18% decline in oil prices, largely due to the possibility that Saudi Arabia, the United Arab Emirates, and other major oil producers could step in if there are supply disruptions, Lee said.Lee estimated that OPEC+ could have around 6 million barrels a day of extra production capacity. Oil demand, meanwhile, has also faced some "issues," he said, pointing to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/china-ev-oil-demand-natural-gas-tesla-electric-vehicles-goldman-2024-8">China's weakening economy</a>."This is a very tricky situation, a very binary market, if you will, and that's why again we're being tentative on the upside," he said of the bank's forecasts.Other oil forecasters have predicted prices could soar on the back of Middle East escalations, though some say the risks of a supply disruption in Iran are small. <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-opec-oil-production-cuts-crude-prices-middle-east-2024-10?utm_medium=ingest&amp;utm_source=markets">Oil prices could fall as much as 33%</a>, Saudi Arabia's oil minister said in a recent conference call, adding that he believed OPEC+ producers were pumping too much oil.

Oil prices could soar 62% by early 2025 if the geopolitical situation deteriorates, Citi strategist says

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>Global crude would hit $150 if India bought more from the Middle East than from Russia, Hardeep Singh Puri told CNBC.</li><li>"The world is grateful to India for buying Russia's oil," the petroleum and natural gas minister said. </li></ul>Inflows of Russian crude into India are keeping global oil prices from surging, India's Minister of Petroleum and Natural Gas said."If India, instead of buying Russian oil, we start buying more of the Middle Eastern oil, oil prices will not be at $75 or $76; it will be $150," Hardeep Singh Puri told <a href="https://www.cnbc.com/2024/02/08/india-buying-russian-oil-keeps-prices-cheaper-says-oil-minister-puri.html" target="_blank" rel="noopener">CNBC</a> during the India Energy Week conference. He pushed back on criticism that the country's continued trade with Russia supports Moscow's war in Ukraine, noting that Indian oil companies will snap up the cheapest crude available, with no attention paid to politics.That's likely why discounted Russian barrels made up an <a href="https://www.reuters.com/markets/commodities/cheap-russian-oil-cuts-opecs-share-india-imports-record-low-50-2024-01-18/" target="_blank" rel="noopener">all-time high</a> among India's crude imports last year, while flows from the Middle East, a traditional source of trade, hit a record low."The world is grateful to India for buying Russia's oil," Puri noted. Wild price swings defined crude markets in the latter half of 2023, as production cuts from the OPEC coalition <a href="https://africa.businessinsider.com/markets/oil-prices-at-dollar100-a-barrel-look-too-high-for-global-demand-to-sustain/t1qzqy0" target="_blank" rel="noopener">fueled fears</a> that oil prices would eventually breach triple digits. The Israel-Hamas war only added to tensions, while attacks on Red Sea shipping lanes added pressure to the oil trade.But the US' <a href="https://markets.businessinsider.com/news/commodities/us-oil-production-record-brent-crude-prices-opec-russia-saudi-2023-12">blowout crude production</a> last year has kept prices from rising, dampened further by falling demand and China's economic slowdown. In fact, economists have suggested that geopolitical turmoil is the only factor supporting current price levels — crude would otherwise stand at an <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-opec-china-red-sea-shipping-crude-supply-2024-2?_gl=1*4w47cj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwNzQxMTE0MC4xMDUuMS4xNzA3NDExNjI0LjI1LjAuMA..">estimated $70</a>.Although Puri dismissed the political undertones of trading with Russia, Western measures against Moscow have had some impact on India's imports. After <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">Indian refineries took on larger inflows</a> of Saudi oil in January, the minister blamed it on Moscow's failure to comply with the $60 price cap on its exports. The sanction was placed on Russia after its invasion of Ukraine."When Russian prices don't conform, we buy from Iraq, the UAE, Saudi Arabia," Puri said at the time.

Oil prices would double if India didn't trade with Russia, energy minister says

<ul class="summary-list"><li>Saudi Arabia's oil minister says crude prices could fall as low as $50 per barrel.</li><li>OPEC delegates consider this a signal that the Saudis are ready to engage in a price war.</li></ul>Saudi Arabia's oil minister says oil prices could fall as low as $50 per barrel if OPEC+ keeps overproducing, according to a <a target="_blank" href="https://www.wsj.com/business/energy-oil/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs-216dc070">Wall Street Journal</a> report.Prince Abdulaziz bin Salman's forecast, made during a conference call last week, was regarded as an indirect threat aimed at others in the oil coalition. According to delegates who spoke with WSJ, it signals Riyadh's readiness to launch a price war if the cartel's outflows aren't restrained.One delegate summarized the minister's remarks bluntly: "Some better shut up and respect their commitments toward OPEC+."$50 per barrel oil would drag <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> crude, the international benchmark, down 33% from current levels.The commodity was trading around $74 per barrel as of Wednesday morning. Crude markets have soared this week amid escalating tensions in the Middle East, as Israel's ground offensive into Lebanon prompted a heavy missile attack from Iran.Though fear grew that this would disrupt regional production, geopolitical tensions have had a limited impact on crude this year. Instead, prices have slumped on waning demand and an excessive supply glut, pushing Brent down 16% since peaking in April.That's despite OPEC's efforts to keep prices elevated by slashing output. Although numerous production cuts have been announced since mid-2023, this has only cost the coalition market share, without arresting prices.Part of the issue is that members are not sticking to their pledged cuts. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/080824-opec-produces-437000-bd-above-quota-in-first-month-of-compensation-cuts">S&amp;P Global Ratings</a> data. Kazakhstan, which overproduced by 120,000 barrels a day, was also singled out.Although Saudi Arabia's economy depends on higher pricing, a report from last week suggests that the kingdom might be ready to boost its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">oil output and bolster its market share</a>.One source told the Financial Times that Riyadh would ditch its curbs quicker than expected if countries such as Iraq and Kazakhstan keep producing above their quota.This decision will become public on December 1, when OPEC is scheduled to determine whether to increase production. Though it was initially meant to do so in October, the decision was delayed.Saudi Arabia has a history of shaking up the market by increasing production. The OPEC leader caused prices to fall below $10 per barrel in 1986 after boosting output to penalize other producers.

Saudi minister says crude prices could fall 33% if OPEC members don't stop pumping so much

<ul class="summary-list"><li>The drop in oil prices is just an act being put on by speculators, Saudi Arabia's energy chief said.</li><li>"It's not weak," Prince Abdulaziz bin Salman said. "People are pretending it's weak. It's all a ploy." </li></ul>Oil demand isn't weak, and the pullback in oil prices is just an act being put on by speculators, according to Saudi Arabia's energy minister.Brent crude, the international benchmark, has slumped 17% from a recent peak in September, trading around $81 a barrel on Friday. "It's not weak," Prince Abdulaziz bin Salman said at a press conference in Saudi Arabia on Thursday, <a href="https://www.bloomberg.com/news/articles/2023-11-09/saudi-energy-minister-blames-speculators-for-oil-price-drop" target="_blank" rel="noopener">per Bloomberg's report</a>. "People are pretending it's weak. It's all a ploy." He added that market participants may be confusing higher oil exports from the Middle East in recent months with rising oil production.Shipments are seasonal and tend to rise in September in October, though that doesn't necessarily mean there's more output, the energy chief explained."It's an abuse of numbers," he said.Saudi Arabia, the de-facto leader of the OPEC+ cartel, has been slashing its crude production aggressively to buoy prices, which top officials have previously <a href="https://markets.businessinsider.com/news/commodities/oil-prices-saudi-arabia-energy-chief-us-emergency-oil-reserves-2022-10">complained are being affected by market distortions</a>.In addition to cuts from OPEC, Saudi Arabia has issued its own <a href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9">voluntary production cut of 1 million barrels a day</a> that will be extended through the end of this year. That briefly caused crude to soar close to $100 a barrel in September, though oil prices have <a href="https://markets.businessinsider.com/news/commodities/oil-price-wti-crude-markets-china-israel-hamas-war-demand-2023-11">eased in recent weeks</a> on account of mixed demand outlook from China and higher interest rates among global central banks, which can weigh on economic growth and hinder demand. Some industry forecasts, though, are bullish on oil over the long-run, due to underinvestment and the potential for under-supply. <a href="https://markets.businessinsider.com/news/commodities/oil-could-hit-150-barrel-unless-the-us-boosts-output-2023-9">Oil prices could soar as high as $150 a barrel,</a> according to one top shale executive.

The drop in oil prices is just a 'ploy' as speculators pretend demand is weak, Saudi Arabia energy minister says

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> hailed the seven-year journey of <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="100" keywordseo="GST" source="keywords">GST</keyword>). Quoting a newspaper report, PM tweeted on the social media platform "X" that GST has improved the lives of 140 crore <keyword id="19916609" type="General" weightage="20" keywordseo="Indians" source="keywords">Indians</keyword>. "For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper." The PM also highlighted that after the implementation of GST, the <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> of the poor and the common man have increased as the GST has reduced <keyword id="20018720" type="General" weightage="20" keywordseo="taxes" source="keywords">taxes</keyword> on various <keyword id="20447338" type="General" weightage="20" keywordseo="household-items" source="keywords">household items</keyword> like flour, curd, detergent, etc. He said, "This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms to transform people's lives". The Goods and Services Tax will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax has reduced on several products and services used by the common man. As per the Central Board of Indirect Tax and Customs, post GST various daily household items have become cheaper. It includes items like flour, television, detergent, hair oil, soap etc. The GST has amalgamated a large number of central and state taxes into a single tax. It also mitigated the ill effects of cascading or double taxation in a major way and paved the way for a common national market. From the consumers' point of view, the biggest advantage is in terms of reduction in the overall tax burden on goods. The Introduction of GST has also made Indian products more competitive in the domestic and international markets owing to the full neutralisation of input taxes across the value chain of production. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid-to-late August. The GST Council proposed exemptions for specific services offered by <keyword id="19909154" type="General" weightage="20" keywordseo="Indian-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Railways" meta.hostid="261" meta.entityid="Indian Railways">Indian Railways</keyword> to the general public, as well as for intra-railway transactions. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This section pertains to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025, will benefit from this waiver.The Council approved an extension for availing input tax credit (ITC) on any invoice or debit note.

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

<keyword id="20083426" type="General" weightage="20" keywordseo="indian-oil" source="keywords">Indian Oil</keyword> Corporation (IOC) is set to start producing fuel for <keyword id="20115890" type="General" weightage="20" keywordseo="formula" source="keywords">Formula</keyword> 1 (F1) cars in three months. The fuel will be produced at the Paradip refinery in Odisha, which is known for its advanced technology and strategic location. Indian Oil Corporation (IOCL) will produce fuel for Formula One cars, which are being produced at Odisha's Paradip refinery, said SM <keyword id="20076681" type="General" weightage="20" keywordseo="vaidya" source="keywords">Vaidya</keyword>, Chairman, IOCL, as he announced the partnership with Two Wheels Motor Racing as the "Official Fuel Partner" for the prestigious <keyword id="20243142" type="General" weightage="20" keywordseo="fim" source="keywords">FIM</keyword> (Federation Internationale De Motocyclisme) Asia Road Racing Championship (ARRC) over a span of three years, from 2024 to 2026. The certification for the special fuel to be used for Formula one cars will be done within three months, Vaidya said. This collaboration entails Indian Oil providing FIM category 2 race fuel, "STORM-Ultimate Racing Fuel," across all Asia Road Racing Championship rounds. "<keyword id="20271693" type="General" weightage="20" keywordseo="storm" source="keywords">STORM</keyword>", which is produced at Indian Oil's Gujarat refinery, is a highlight of Indian Oil's diverse and ambitious product range, which also includes AVGas 100LL and reference fuels, reflecting India's commitment to self-reliance (Atma Nirbhar Bharat) and technological advancement. The arrival of 'STORM,' in the international arena marks a significant stride towards bolstering the 'Make in India' initiative. This race fuel also showcases IndianOil's innovation and expertise in producing specialized fuels that adhere to stringent international norms, receiving approval from the FIM-approved M/s Intertek in Switzerland. Speaking on the occasion, <keyword id="20248815" type="General" weightage="20" keywordseo="shrikant-madhav-vaidya" source="keywords">Shrikant Madhav Vaidya</keyword>, Chairman of Indian Oil said, "As we embark on this exhilarating partnership with TWMR for the FIM Asia Road Racing Championship, Indian Oil is proud to fuel the fast lanes of motorsport with our cutting-edge 'STORM-Ultimate Racing Fuel'. The fuel stands as a symbol of innovation and excellence, embodying our relentless pursuit of developing specialised fuels that meet stringent international standards. This collaboration marks a significant step in strengthening the 'Make in India' initiative on the global stage." The benefits of using STORM- Ultimate Racing Fuel in racing vehicles are multifaceted. It ensures the cleanliness of engine parts and the fuel delivery system, while also providing corrosion protection for the vehicle's metallic components. This leads to tangible improvements in vehicle performance, including faster acceleration, increased power, and smoother drivability. Additionally, it contributes to lower engine deposits and reduced exhaust emissions, promoting both engine longevity and environmental sustainability. In preparation for the upcoming Thailand event of ARRC scheduled from March 15-17, IndianOil has shipped off "STORM" fuel from Nhava Sheva port in Mumbai on February 23, 2024, with a virtual flag-off by Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas. IOCL Chairman said that the company is not going to stop here until it can produce fuel for the world's prestigious Formula One car racing championship. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank">Realme 12 5G and Realme 12+ 5G launched in India starting at ₹16,999</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a>

Indian Oil set to produce fuel for Formula 1 cars

<ul class="summary-list"><li>Ukraine has been targeting Russian oil refineries in recent months.</li><li>The Biden administration has criticized the strikes, warning of global energy price rises.</li></ul>Ukraine has been <a target="_blank" href="https://www.businessinsider.com/no-sign-ukraine-stop-strikes-russia-oil-facilities-experts-us-2024-4">ramping up attacks on Russian oil refineries</a> in recent months as it seeks to hamper Russian export revenues and curtail fuel supplies to Russian President Vladimir Putin's forces.In one of the latest attacks, Ukrainian drones struck an oil refinery in Russia's Kaluga region, setting it on fire, the RIA state news agency reported on Friday, per <a target="_blank" href="https://www.reuters.com/world/europe/ukraine-drone-attack-sparks-fire-refinery-russias-kaluga-ria-reports-2024-05-10/">Reuters</a>.Ukraine also hit Gazprom's Neftekhim Salavat oil refinery, one of Russia's largest oil refineries, earlier this week, Radiy Khabirov, the head of Russia's Republic of Bashkortostan, said in a post on <a target="_blank" href="https://t.me/radiyhabirov/7305">Telegram</a>.However, the Biden administration has previously slammed such tactics, with Defense Secretary Lloyd Austin saying in April that it risked impacting global energy markets and urging Ukraine to shift its focus onto military targets."Those attacks could have a knock-on effect in terms of the global energy situation," Austin <a target="_blank" href="https://www.reuters.com/world/europe/russia-restoring-oil-refining-capacity-knocked-out-by-drones-2024-04-15/">said</a>. "Quite frankly, I think Ukraine is better served by going after tactical and operational targets that can directly influence the current fight."However, some experts believe such criticism is misguided.Writing for <a target="_blank" href="https://www.foreignaffairs.com/ukraine/why-ukraine-should-keep-striking-russian-oil-refineries">Foreign Affairs</a> magazine, Michael Liebreich, the founder of Bloomberg New Energy Finance, Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, and Sam Winter-Levy, a doctoral candidate in political science at Princeton University, argued that Ukrainian strikes on Russian refining facilities would not lead to spikes in global energy prices.The experts said that Ukrainian attacks on oil refineries would only hinder Russia's ability to turn its oil into refined products such as gasoline and would not impact the volume of oil it can extract or export."In fact, with less domestic refining capacity, Russia will be forced to export more of its crude oil, not less, pushing global prices down rather than up," they added.And such strikes will likely continue to affect those within Russia, where <a target="_blank" href="https://www.politico.eu/article/vladimir-putin-russia-diesel-prices-skyrocket-ukraine-war-drone-strikes-oil-refineries/#:~:text=Diesel%20prices%20for%20Russian%20consumers,are%20forced%20to%20suspend%20production.">prices for refined products like gas or diesel are soaring</a> — meaning Ukraine's attacks are achieving the aims of failed Western economic sanctions, they continued.The West has attempted to impose a number of sanctions on Russia to limit its income from energy, with the US and the UK banning Russian oil and gas and G7 leaders agreeing to set a price cap on Russian crude oil at $60 per barrel.But Russia has largely <a target="_blank" href="https://www.businessinsider.com/russia-oil-gas-revenue-rise-despite-ukraine-attacks-2024-4">managed to get around such measures</a>, with its Deputy Prime Minister, Alexander Novak, saying in December last year that Russia had shifted almost all of its oil exports to China and India.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-revenue-war-budget-april-ukraine-sanctions-putin-2024-5">Russia's oil revenue in April more than doubled year on year</a>, Bloomberg reported, highlighting its success in rediverting operations.Its total oil and gas revenue for the month hit 1.23 trillion rubles, up almost 90% from April last year, per the report.<a target="_blank" href="https://www.reuters.com/world/europe/russia-restoring-oil-refining-capacity-knocked-out-by-drones-2024-04-15/">Reuters</a> reported in April that Russia also appeared to be able to quickly repair some of the key refining facilities affected by Ukrainian strikes, reducing impacted capacity to roughly 10% from nearly 14% at the end of March, per the agency's calculations.Ukraine has since launched a series of new attacks on refining sites, however, and it is as yet unclear how these have affected Russia's repair efforts.

Ukrainian attacks on Russian oil refineries may be proving the Biden administration wrong, experts say      

<ul class="summary-list"><li>China's intake of Russian crude is set to reach a record this month, Kpler data cited by Bloomberg shows.</li><li>Imports of Sokol crude are on course to jump as Indian buyers back away.</li></ul>Chinese imports of Russian crude are on course to reach record volumes this month, as Beijing takes over diminishing Indian demand. 1.7 million barrels a day are expected to ship into the country, <a href="https://www.bloomberg.com/news/articles/2024-03-18/china-set-for-record-russian-oil-imports-in-march-kpler-says?srnd=undefined" target="_blank" rel="noopener">Bloomberg</a> said, citing Kpler data. China's intake of Sokol oil — a Russian crude typically sought after by India — is likely to triple from last month, and should hit an all-time high of 379,000 barrels a day.ESPO flows into China are also expected to rise, reaching their highest level since January 2023.In one way, surging inflows are evidence of a deeper trade partnership between Beijing and Moscow, one <a href="https://www.businessinsider.com/china-economy-outlook-exports-trade-war-russia-partnership-us-sanctions-2024-3">recently touted</a> by Foreign Minister Wang Yi as resembling a "new paradigm of major-country relations."But it also stands to showcase the withdrawal of Indian buyers, who have fewer incentives to demand Russian crude amid a tightening of Western sanctions.Although India became the biggest market for Russian seaborne crude exports last year, it's become more challenging for Moscow to offer the same sort of discounts on its oil as before. That's as the West has pursued stricter enforcement of its curbs, applying a slew of sanctions on entities that breach have breached its restrictions. For instance, by mid-February, <a href="https://markets.businessinsider.com/news/commodities/russia-sanction-oil-tankers-shadow-fleet-crude-exports-price-cap-2024-2">50 tankers</a> have been targeted by such efforts, after shipping Russian crude above the $60 price cap mandated by the Group of Seven.Russia's state tanker firm Sovcomflot has notched a number of these penalties, due to which it recently <a href="https://www.bloomberg.com/news/articles/2024-03-18/russian-oil-squeeze-tightens-as-sovcomflot-admits-difficulties?srnd=markets-vp" target="_blank" rel="noopener">acknowledged operational hardship</a>, Bloomberg said. For those buying, this has added to freight costs, while adding to difficulties in finding available tankers. The discount on Russia's Urals oil mix has meanwhile risen, gaining $4 per barrel in February. That same month, Indian imports of Russian crude fell by <a href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3?_gl=1*mhqvdo*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxMDc3Nzk3Ni4yMTQuMS4xNzEwNzc4MzUyLjAuMC4w">420,000 barrels a day</a>. According to Bloomberg, the implied cost of importing Urals crude to the country is now around 20% of the export price when leaving Russia. And although China's buying is surging, its traders also consider Moscow's asking prices as too high, sources told the outlet. The country is also not immune to <a href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">secondary sanctions</a> from the US and its allies, and could mean that Chinese banks hesitate from joining the trade.

China is on pace to buy a record amount of Russian oil this month

<ul class="summary-list"><li>The US has urged Ukraine not to strike Russian oil refineries, fearing it could drive up prices and prompt retaliation, reports say.</li><li>Ukraine responded that it won't stop these attacks, calling the refineries legitimate military targets.</li></ul>Ukraine says it will target Russian oil refineries if it wants to, calling them legitimate military targets, after the US reportedly urged it not to over concerns about rising oil prices and the potential for retaliation.Ukraine has <a target="_blank" href="https://www.businessinsider.com/us-urged-ukraine-to-stop-russia-oil-strikes-ft-2024-3">ramped up its attacks</a> on Russia's energy infrastructure in recent months, conducting long-range drone strikes on some of its biggest oil refineries. The consequences have included decreased production, rising prices, and damage to military industrial capacity.Now, as the Financial Times <a target="_blank" href="https://t.co/Xxagfk7DM7">reported</a> on Friday, the US is urging Ukraine to avoid targeting these facilities, with officials in Washington raising concerns that continued attacks will drive up global oil prices, which would reflect poorly on the Biden administration just before the 2024 election.The US also reportedly expressed concerns that the strikes on the key Russian industry might provoke retaliation from Russia against energy facilities that Western nations rely on.<div type="image" title="Firefighters extinguish oil tanks at a storage facility that local authorities say caught fire after the military brought down a Ukrainian drone, in the town of Klintsy in the Bryansk Region, Russia January 19, 2024." height="1964" width="3597" msid="108717443" hostid="261" sizebytes="134666"></div>Shortly after the Financial Times report, a Ukrainian government official <a target="_blank" href="https://www.pravda.com.ua/news/2024/03/22/7447666/">responded</a> publicly, saying that Ukraine would continue to strike oil refineries.According to Deputy Prime Minister for European and Euro-Atlantic Integration Olga Stefanishyna, officials in Kyiv believe that the refineries are "absolutely legitimate targets from a military point of view.""We understand the calls of our American partners," she said. "At the same time, we are fighting with the capabilities, resources and practices that we have."<div type="image" title="ukraine war" height="1000" width="1500" msid="108717444" hostid="261" sizebytes="362266"></div>Russia has not shied away from conducting strikes on Ukraine's energy infrastructure since the beginning of the full-scale invasion in 2022.Just Friday, Russian forces unleashed a massive attack consisting of drones and missiles, the largest since the war began, that cut electricity and power to multiple cities and urban centers. The strike also included an attack on the Dnipro Hydroelectric Station.Ukraine's recent strikes against Russia's energy infrastructure <a target="_blank" href="https://www.pravda.com.ua/eng/articles/2024/03/21/7447545/">have been quite effective</a>. More than 10 major refineries and depots have been damaged, and oil prices have spiked in recent weeks. A large attack just last week hit multiple refineries, causing massive damage.The strategy, a Ukrainian official <a target="_blank" href="https://www.businessinsider.com/ukraine-hits-3-russian-oil-refineries-in-massive-drone-strike-2024-3">said at the time</a>, was "to deprive the enemy of resources and reduce the flow of oil money and fuel." These attacks threaten a key economic lifeline for Russia, as well as a critical war resource.At an <a target="_blank" href="https://www.businessinsider.com/ukraine-drone-attacks-take-bite-of-russia-oil-exports-analysts-2024-3">energy conference earlier this week</a>, Gunvor Group CEO Torbjörn Törnqvist said that about 600,000 barrels of Russia's daily oil-refining capacity had been affected by Ukraine's drone strikes.

You Searched For "Oil minister" and got 13 results

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

BI India Bureau

2 of the world's biggest oil producers are looking for new ways to power their economies

Huileng Tan

Oil prices could soar 62% by early 2025 if the geopolitical situation deteriorates, Citi strategist says

Jennifer Sor

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

PTI

Oil prices would double if India didn't trade with Russia, energy minister says

Filip De Mott

Saudi minister says crude prices could fall 33% if OPEC members don't stop pumping so much

Filip De Mott

The drop in oil prices is just a 'ploy' as speculators pretend demand is weak, Saudi Arabia energy minister says

Jennifer Sor

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

ANI

ONGC Videsh incorporates subsidiary in GIFT City

PTI

Indian Oil set to produce fuel for Formula 1 cars

ANI

Ukrainian attacks on Russian oil refineries may be proving the Biden administration wrong, experts say

Nathan Rennolds

China is on pace to buy a record amount of Russian oil this month

Filip De Mott

Ukraine says it will hit Russia's precious oil refineries even if the US tells it not to

Chris Panella

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