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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>Scientists predicted how climate hazards will worsen in nearly 1,000 major cities by 2100.</li><li>Heat waves, energy demand, and mosquito-borne diseases will spike as global temperatures rise.</li></ul>Monthlong heat waves. Skyrocketing energy demand. Greater risks of <a target="_blank" href="https://www.businessinsider.com/west-nile-triple-e-mosquito-virus-diseases-us-2024-9">mosquito-borne diseases</a>.These are the climate hazards that people living in nearly 1,000 of the world's largest cities will continue to face as global average temperatures rise through the end of the century, a new analysis by the World Resources Institute, an environmental-research group, found. And the impacts won't be felt equally. People living in low-income cities in sub-Saharan Africa, Latin America, and Indonesia face the greatest threats.The findings come as <a target="_blank" rel="noopener" href="https://climate.copernicus.eu/copernicus-summer-2024-hottest-record-globally-and-europe">2024 is on track to be the hottest year on record</a>, and billions of people are expected to move into urban areas in the coming decades. More than half the world's population, or 4.4 billion people, lives in cities. By 2050, city dwellers are forecast to make up two-thirds of humanity, with the vast majority of that growth in Africa and Asia. Some 2 billion people currently live in the cities that WRI studied, from Seattle and Rio de Janeiro to Johannesburg and Bengaluru, India."Most climate modeling looks at hazards, exposure, and risks at a national scale because that's where a lot of policymaking and international agreements are focused," Eric Mackres, the senior manager of data and tools at the WRI Ross Center for Sustainable Cities and a coauthor of the study, said. "But that's disconnected from where people live. We wanted to put more localized information in the hands of those decision-makers so they're informed about the risks that they are likely to experience."<h2 id="c108ac2f-66b9-4462-bb7a-b51785a2b482">Local climate hazards</h2>To make predictions at a city level, Mackres said WRI built on global climate modeling done by hundreds of other researchers. These models contain daily information — both historical data and projections through 2100 — on air temperature, humidity, and precipitation. WRI used that data to make its own projections about the length and frequency of heat waves, how often people will need to cool their homes and workplaces, and the number of days with optimal temperatures for mosquitoes in cities with at least half a million people. WRI compared how those local hazards are expected to change as global average temperatures rise from 1.5 degrees Celsius to 3 degrees Celsius above preindustrial levels — a threshold scientists say the world is likely to cross by 2100.The world has warmed by about 1.2 degrees so far compared with mid-1800s levels, and the consequences are playing out around the world.<div type="image" title="A graph shows how long heat waves will last in seven regions around the world under 1.5 degrees of global warming compared to preindustrial levels." height="1080" width="1080" msid="113493288" hostid="261" sizebytes="66672"></div>In Bengaluru, India's fifth-most-populous city, extreme heat has caused severe water shortages and surging energy demand. Under 1.5 degrees of warming, heat waves could last about 13 days on average and stretch to nearly 38 days as global temperatures rise, WRI found. Bengaluru last year <a target="_blank" href="https://wri-india.org/news/release-bengalurus-first-ever-climate-action-plan-launched">launched its first climate-action plan</a>, which includes planting trees and expanding green spaces to help cool down urban centers.An enormous outbreak of dengue fever is underway in Brazil. In Rio de Janeiro, peak days for transmission of mosquito-borne illnesses could increase from 69 to 118 a year, WRI found. The city is investing in vaccines, and community health workers are hunting down places that help mosquitoes breed, including standing water, to reduce risks.Meanwhile, places that haven't had to consider cooling strategies are now being forced to, including the US Pacific Northwest. Seattle was once the least-air-conditioned city. Now it ranks second behind San Francisco after a series of deadly heat waves prompted residents to install AC. The trend is playing out in cities that are already hot, too, like Tehran, Iran, and Marrakech, Morocco, and spiking energy demand along the way. If that demand is met with fossil fuels like oil, gas, and coal, it could exacerbate the climate crisis, WRI said.WRI noted that there are limitations to its research, in part because there are a lot of unknowns about the future. National governments and cities can slow the climate crisis and protect people from its impacts, including by shifting away from fossil fuels and investing in infrastructure that's more resilient to heat and storms."Our findings are not a foregone conclusion," Mackres said. "These are choices we have between 1.5 and 3 degrees of warming, and none are out of the realm of possibility. It's really important that national decision-makers understand the impacts on cities and the actions that cities can take to both reduce climate change and to adapt to what's coming."<a target="_blank" href="https://public.flourish.studio/visualisation/19141193/">You can explore the data for your city here.</a>

A new tool shows what the climate crisis could feel like in your city

<ul class="summary-list"><li>India is going to be a key driver in global oil demand growth for the next seven years, IEA said.</li><li>The country's oil demand is expected to increase by 1.2 million barrels a day by 2030, roughly a third of global demand gains.</li></ul>Move over, China. India is going to be the foremost driver of global oil-demand growth over the next seven years.According to a new <a href="https://www.iea.org/reports/indian-oil-market/executive-summary" target="_blank" rel="noopener">report</a> from the International Energy Agency, India's oil demand is expected to grow by 1.2 million barrels a day through 2030, which would make up roughly a third of the projected total over the period. The country was already the world's second-largest crude oil net importer in 2023."India will become the largest source of global oil demand growth between now and 2030, while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook," the IEA report said.That shift is expected to arrive as <a href="https://www.businessinsider.com/india-stock-market-catching-up-hong-kong-2023-12">India's economy keeps growing</a>, along with its population and demographics. The country's massive industrial expansion is also a harbinger of <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-india-china-demand-growth-forecast-crude-prices-2023-12">soaring oil demand</a> — through 2030, the sector is expected to account for about half the rise of India's oil demand and over a sixth of total global oil demand growth.Meanwhile, <a href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-evergrande-bass-2024-2">China's economy</a> has been going the other way. Beijing's blemished post-Covid growth and a fracturing property sector has tanked its stock market. <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-retreat-stimulus-chine-economy-growth-stock-market-csi300-2023-11">Foreign investors have also fled the market.</a>But beyond economic muscle, India's oil demand growth is also a symptom of the global energy crisis, the IEA noted, which has forced countries around the world to prioritize energy security. That concern is a big one for India, a country highly <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.?utm_medium=ingest&amp;utm_source=markets">dependent on oil imports.</a> It only produces 13% of its supply needs.Delhi has been pouring money into its refining sector in anticipation of that surging demand. The country is expected to add about 1 million barrels a day of new refinery distillation capacity by 2030, more than any other country besides China.According to the IEA, India's oil demand would be even stronger — about 480 kilo barrels a day — if it wasn't for their investment in the energy transition.

India will be the largest source of oil-demand growth for the next 7 years, IEA says

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! This is Jordan Parker Erb, filling in again for Dan DeFrancesco. Haven't voted in our tech and biz March Madness bracket? Don't worry — you can still <a target="_blank" href="https://forms.gle/Y1o2xiLNpDfgvUpj7">make your choices here</a>.In today's big story, we're looking at how <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-social-security-pensions-student-loan-debt-2024-3">retiring in America became a luxury</a> that not everyone can afford.What's on deck:<ul><li>Markets: Warren Buffett's favorite market gauge just hit a two-year high. <a target="_blank" href="https://www.businessinsider.com/warren-buffett-indicator-stock-market-outlook-bubble-crash-ai-tech-2024-3">It could mean a crash is coming</a>.</li><li>Tech: Only one generation has the skills <a target="_blank" href="https://www.businessinsider.com/gen-z-business-startups-entrepreneurship-digital-era-branding-social-media-2024-3">to launch a successful new business</a>: Gen Z.</li><li>Business: Wait, it's OK <a target="_blank" href="https://www.businessinsider.com/psychedelics-work-microdosing-lsd-psilocybin-ketamine-retreats-elon-musk-2024-3">to do drugs at work now</a>?</li></ul>But first, America has a problem.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Retirement crisis</h2><div type="image" title="An office chair with a ball and chain attached to it." height="975" width="1300" msid="108770041" hostid="261"></div>What was once a natural part of the American dream — retirement — is now a luxury many workers can't afford.It used to be that you could expect to put in a few decades of work and then enjoy a few more good years of rest. But more and more often, retirement-age people feel they've been left behind.Business Insider's Juliana Kaplan spoke with several people who <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-social-security-pensions-student-loan-debt-2024-3">should be able to retire — but can't</a>.The problem is multifaceted. Pensions are disappearing. Social Security benefits are in peril. People are living longer than ever. As BI previously reported, fewer than half of all boomers <a target="_blank" href="https://www.businessinsider.com/boomers-not-enough-retirement-savings-gen-z-millennials-eldercare-2024-1">have saved enough for retirement</a>.Mounting student-loan debt doesn't help, either. According to one researcher and associate professor of economics, this is the first generation of Americans that has taken on substantial student-loan debt for their children.All of that combines to form a growing, and increasingly bleak, American retirement crisis. It has left at least one woman Juliana spoke to, who's in her 70s, worried she's "going to die" in the HR job she's still working.<div type="image" title="An illustration of a person in a pool floatie." height="1000" width="2000" msid="108770042" hostid="261"></div>With boomers' experience trying to retire playing out in front of them, it's no wonder some younger people are hustling to secure an early retirement.BI has written at length about Gen Zers and millennials who have saved up to retire in their 30s or 40s. Some save up the majority of their paychecks, while others have <a target="_blank" href="https://www.businessinsider.com/amazon-worker-financial-independence-retire-early-fire-in-canada-cheaper-2024-3">cashed in on relocation bonuses</a>.But still, the reality is that most people can't expect to <a target="_blank" href="https://www.businessinsider.com/retire-early-financial-independence-mindful-spending-investing-berlin-2024-3">retire by 36</a>. Plus, some who do <a target="_blank" href="https://www.businessinsider.com/ex-googler-fire-early-retirement-coworking-personal-finance-2024-2">leave work early end up regretting it</a>. Unused to idle time and the sudden evaporation of their office relationships, some people quickly return to the office.One woman who retired early said she could only do so because she moved to India, where the cost of living is lower. She said there was "no way" she could have done it in the US. Still, she wound up <a target="_blank" href="https://www.businessinsider.com/ex-googler-fire-early-retirement-coworking-personal-finance-2024-2">going back to work</a> after an initial attempt at retirement.While early retirement isn't for everyone, retirement at its most basic level — leaving work after most of our adult lives — should be. The notion that people who've done everything they were supposed to, and still can't retire, points to major problems in the system at large.<h3>News brief</h3><h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" href="https://www.businessinsider.com/moscow-concert-hall-attack-russia-crocus-city-hall-2024-3">What we know about the Moscow concert hall attack — and why ISIS-K is claiming responsibility</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/what-is-preventative-chemotherapy-how-it-works-2024-3">Kate Middleton said she's having preventative chemotherapy — here's what that could mean</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/trump-lawyer-court-behavior-consequences-manhattan-criminal-hush-money-trial-2024-3">Trump's lawyers dance for him when he's in the courtroom. At a criminal trial, that could torpedo his chances of winning</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/russia-economy-west-secondary-sanctions-hitting-oil-exports-payments-revenue-2024-3">Russia has finally admitted Western sanctions are hitting its oil exports</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jailed-momfluencer-ruby-franke-diary-entries-reveal-child-abuse-2024-3">Momfluencer Ruby Franke wrote in her journal that it was 'a big day for evil' as she detailed how she tortured her children</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/content-creators-hosting-on-x-elon-musk-advertisers-unpredictable-2024-3">X is fishing for more creators. Some won't bite</a>.</li></ul><h2>3 things in markets</h2><div type="image" title="Market bull money stocks" height="1537" width="2049" msid="108770043" hostid="261"></div><ol><li>An investment firm says these two parts of the market still have huge upside. Investors should focus on the cheapest 20% of large-caps, as well as on non-US stocks, GMO wrote. The firm said these provide <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-investing-strategy-outlook-undervalued-areas-value-equities-gmo-2024-3">the best allocation opportunity in 35 years</a>.</li><li>Warren Buffett's favorite market gauge just hit a two-year high. The "Buffett Indicator" — which just surged to 184% — compares the stock market's total value to the overall size of the economy. Buffett has warned that buying stocks at <a target="_blank" href="https://www.businessinsider.com/warren-buffett-indicator-stock-market-outlook-bubble-crash-ai-tech-2024-3">a reading near 200% is "playing with fire."</a></li><li>Sam Bankman-Fried is set to be sentenced on Thursday. Prosecutors want the disgraced FTX founder to serve 40 to 50 years in prison. His lawyers are asking for a much lighter sentence, arguing that FTX customers might get all their money back and <a target="_blank" href="https://www.businessinsider.com/sbf-sentencing-ftx-customers-get-money-back-should-it-matter-2024-3">flagging SBF's possible neurodivergence</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="An illustration of a hand holding a grocery basket." height="1000" width="2000" msid="108770045" hostid="261"></div><ol><li>Get ready for Generation Biz. The entrepreneurial landscape has changed dramatically in the last couple of decades. The new name of the game is branding and <a target="_blank" href="https://www.businessinsider.com/gen-z-business-startups-entrepreneurship-digital-era-branding-social-media-2024-3">Gen Z is uniquely set up to succeed</a> in today's digital-centric marketplace.</li><li>AI-powered Cherish Health has raised $26 million — without VC money. The company, which produces a radar-based fall detection device, is set to raise a $30 million Series B. Instead of raising money from venture capital firms, <a target="_blank" href="https://www.businessinsider.com/how-cherish-health-raised-26-million-without-venture-capital-2024-3">it worked with billionaires and other businesses</a>. So far, it's paid off.</li><li>Apple is having a nightmarish year. The Department of Justice's antitrust lawsuit is just the latest of <a target="_blank" href="https://www.businessinsider.com/apples-nightmarish-year-keeps-getting-worse-doj-antitrust-iphone-2024-3">several events that may hurt the tech giant</a>. Apple is also battling a tumbling share price, sluggish iPhone sales in China, and doubts about its AI efforts.</li></ol><h2>3 things in business</h2><div type="image" title="A person staring at a computer, with a psychedelic pattern coming from their head." height="1000" width="2000" msid="108770046" hostid="261"></div><ol><li>Work on drugs. Elon Musk is taking ketamine and people in tech are microdosing mushrooms. Drugs used to be for getting high — now <a target="_blank" href="https://www.businessinsider.com/psychedelics-work-microdosing-lsd-psilocybin-ketamine-retreats-elon-musk-2024-3">people are using them to get ahead</a>.</li><li>The American South is on a roll. Southern states are booming right now, thanks to an accelerating rise in population driving major economic growth. <a target="_blank" href="https://www.businessinsider.com/population-boom-south-texas-georgia-dallas-houston-atlanta-movers-homebuyers-2024-3">The region is beating out the West</a>, once again, as the fastest-growing region in the US last year.</li><li>These are tough times for the consulting business. Major firms across the board appear to be struggling with <a target="_blank" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">waning client demand</a> as the macroeconomic environment weakens. Accenture said on Thursday that it was cutting its revenue forecast for 2024, while Deloitte has kicked off a reorganization process in a bid to cut costs.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/see-inside-investor-marc-andreessens-33-million-house-for-sale-2024-3">Billionaire venture capitalist Marc Andreessen is selling his home for more than $33 million</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nike-cut-supply-of-sneakers-air-force-1-and-pegasus-2024-3">It might be harder to buy your favorite pair of classic Nikes this year</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/alphabets-verily-layoffs-google-employees-molecular-science-immune-profiler-r2024-3">Alphabet's Verily lays off employees working in one of its science groups</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/whoop-ceo-nimble-employees-sleep-more-startup-productivity-2024-3">Whoop's CEO on staying nimble as a company — and why the startup pays employees to sleep more</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/florida-spring-break-lyft-uber-drivers-earnings-tips-money-miami-2024-3">A month's pay in one week: South Florida Uber and Lyft drivers explain how they capitalize on the spring break rush despite 'a little sand' and 'crappy music.'</a></li></ul><h2>What's happening today</h2><ul><li>There will be a court hearing for Donald Trump on charges of falsifying business records for "hush money" payments.</li><li>A hearing is scheduled in the UK for class actions against Google and Alphabet.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/grace-lett">Grace Lett</a>, associate editor, in Chicago. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

We're watching an American retirement crisis unfold

<ul class="summary-list"><li><keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> producers are having to rely on a diminishing list of buyers to sell their output. </li><li>Lockdowns in <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> have depressed crude demand, while the <keyword id="11911313" type="UNKNOWN" weightage="60" keywordseo="eu" source="Orion">EU</keyword> is trying to ban imports of Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>. </li></ul>Russia may be reeling in billions in oil revenue, thanks to sky-high crude prices that are the direct result of Western sanctions, but its list of potential customers is shrinking and it's having to pin more and more of its hopes on top commodity importer China.The US placed <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">a full embargo on Russian energy imports</a>, while the UK will phase out <a href="https://inews.co.uk/news/world/russia-sanctions-uk-ban-russian-oil-import-west-tighten-squeeze-putin-ukraine-invasion-1505066">its purchases of Russian fuel</a>. The EU has banned imports of Russian coal, but is still trying to get all member countries to agree to a ban on the country's <a href="https://markets.businessinsider.com/news/commodities/russian-oil-ban-eu-impact-imports-exports-asia-ukraine-sanctions-2022-5">crude</a> and refined products. The EU has been Russia's largest crude oil customer and accounted for about 3 million barrels per day of its roughly 7 million barrels a day in exports. But even before there was any talk of import bans, traders were already shunning Russian oil.Countries like <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> and China have stepped in to snap up Russia's oil at bargain prices, but in far smaller volumes. India, for instance, has purchased at least 40 million barrels of Russian crude since it invaded Ukraine, topping the amount it bought throughout 2021. But this is still only equal to around 450,000 barrels per day.China too, has typically been a big customer. The country's <a href="https://markets.businessinsider.com/news/commodities/china-refiners-buy-russian-oil-cheap-ukraine-conflict-sanctions-ft-2022-5#:~:text=Independent%20Chinese%20oil%20refineries%20have,benchmark%20prices%2C%20attracting%20some%20buyers.">independent oil refiners have been quietly buying cheap crude</a>. But while China is taking large amounts of Russian oil lately, its appetite isn't insatiable. Its traders are already <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-china-russia-tankers-cheap-crude-commodities-analysis-2022-5">importing</a> 1 million barrels of seaborne Russian crude. And the country is still subject to a series of tough <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-energy-russia-ukraine-opec-chinese-covid-rise-2022-4">coronavirus lockdowns</a> that have weighed on <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> demand. And even if demand from China fully recovers, the two countries that would take in Russia's oil - India and China - would not make up for the loss of EU demand, Fernando Ferreira, a geopolitical risk analyst at Rapidan Energy Group told Insider. "China and India alone are not going to come to the rescue," he said. <h2>Find new buyers </h2>A short-term solution for Russia would be to find new <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. "They will try to find new buyers," Ferreira said. "They shifted a lot of their customer base from Europe to Asia and they've managed to offset all disruptions so far by selling more to India and China." But several Middle East exporters produce similar grades of crude to Russia's flagship Urals grade and they have first-mover advantage, he said.India, for instance, has long-term trade agreements and commercial and strategic relationships with Gulf countries that they would want to maintain. "That's going to limit how much oil they are going to take from Russia," Ferreira said. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-power-long-term-production-decline-eu-embargo-ukraine-2022-5">Shipping constraints</a> would hinder Russia's ability to move more oil to Asia, he added, as more shipowners and insurers avoid handling Russian oil as a result of tighter restrictions from the EU, for starters. <h3>Cut, or store output</h3>Another viable option for Russia would be to cut production, or build more storage facilities. Russia already started <a href="https://markets.businessinsider.com/news/commodities/russian-oil-output-crash-17-percent-ukraine-war-sanctions-2022-4">slashing crude production</a> last month due to lower domestic demand. The Kremlin stated that it sees output falling as much as 17% this year, from around 11 million barrels per day. "Some of that [demand] may recover somewhat this month. We're seeing refineries trying to offset the drop in production but in the long-term, there is not a whole lot of sustainable solutions other than finding new buyers and they'll struggle with that," Ferreira said. "The best-case scenario is that India and China and other countries really just step up and absorb all of the disrupted Russian barrels, he said." It would be more of a dislocation than a disruption, he added. "The worst-case scenario, I think, would be something along the lines of, Chinese demand will recover and at the same time, you're going to see growing pressure on imports from Russia," Ferreira said. The Russian government in April said it was considering building storage facilities for 700 million barrels of oil — equal to around 70 days of global consumption, Reuters <a href="https://www.reuters.com/business/energy/russia-eyes-construction-oil-storage-exporting-outlets-2022-04-19/">reported</a>.Ferreira said oil prices "may be pretty close to the peak already." But there's still a possibility of a shortfall of 2 million barrels of oil a day if Russia can't find new customers, he said.

Russia's raking in billions in oil revenue, but running out of buyers. Here are the ways the country could deal with its unwanted oil — and what it means for the energy market

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

<ul class="summary-list"><li>One of the best hopes against sky-high <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> is a <keyword id="14333877" type="UNKNOWN" weightage="60" keywordseo="price-cap" source="Orion">price cap</keyword> on Russian oil, Janet Yellen said.</li><li><keyword id="11995266" type="UNKNOWN" weightage="60" keywordseo="cpi" source="Orion">CPI</keyword> data released on Wednesday showed prices jumped 9.1% year-over-year in June.</li></ul>Inflation in June surged to 9.1%, marking the fastest rise in 41 years, but a cap on Russian oil prices may be one of the most potent tools to bring it under control, US Treasury Secretary Janet Yellen said.Wednesday' Consumer Price Index data showed inflation is "unacceptably high," Yellen said at a press conference on Thursday.In addition to aggressive rate hikes be the Federal Reserve at its next meeting at the end of this month, Yellen stated that policymakers in Washington would continue efforts to control Russian energy costs, which she said was largely responsible for driving inflation to unexpected levels."A price cap on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n oil is one of our most powerful tools to address the pain that Americans and families across the world are feeling at the gas pump and the grocery store right now," Yellen said, adding that the effects of Russia's war on Ukraine has spilled into the global economy, causing energy and food prices to surge. "A limit on the price of Russian oil will deny Putin revenue his war machine needs," she added. The plan to cap Russian oil prices was floated between the US and allies last month, with a proposal of limiting prices paid to $40-$60 a barrel. Industry experts have been skeptical such a deal could come to fruition, as it would require cooperation from Russia and Russia's allies, who have been getting significant discounts on crude as western nations shun Russian supplies.Analysts have said that imposing a price cap could cause Russia to retaliate by further restricting energy flows, spiking the price of oil to <a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-russian-crude-production-western-sanctions-opec-supply-2022-7">as high as $150 a barrel by the end of the year</a>, by the time the EU ban on Russian oil products comes into effect. Sergei Ryabov, Russia's deputy foreign minister, said that a price cap proposal would "collapse," and the Chinese Ministry of Commerce encouraged western nations to find other means of cooperation. The US has sought the support of <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> and Japan to back the price cap, and Yellen is currently traveling in Asia to rally other countries in support of the plan. Russian oil revenue has soared since Vladimir Putin ordered the invasion of Ukraine, pulling in nearly <a href="https://www.nytimes.com/2022/06/13/climate/russia-oil-gas-record-revenue.html">$100 billion in energy exports</a> in the first 100 days of war according to the New York Times, and around <a href="https://markets.businessinsider.com/news/commodities/russia-energy-revenue-record-24-billion-three-months-india-china-2022-7">$24 billion from Chinese and Indian buyers</a> alone in the first three months.

Inflation is 'unacceptably high' - and a price cap on Russian oil could be the most potent way to control it, says Treasury Secretary Janet Yellen

<ul class="summary-list"><li>Pakistan, a country reliant on imported energy, is mired in an energy crisis.</li><li>It's in such dire straits that it's joining a list of countries moving away from US dollar-denominated trade.</li></ul>The Chinese yuan is gaining traction in cross-border payments — even for trades that don't involve China.Pakistan, <a href="https://www.bbc.com/news/world-asia-65462347" target="_blank" rel="noopener">a country mired in an economic and political crisis</a>, has become the latest to signal using the Chinese currency to make cross-border payments for Russian oil.Islamabad is considering the new payment method for <a href="https://markets.businessinsider.com/news/commodities/russian-crude-oil-cheap-pakistan-commodities-market-analysis-india-china-2023-4" target="_blank" rel="noopener">Pakistan's first Russian crude oil order</a> for 750,000 barrels that are scheduled to arrive in the first week of June, <a href="https://www.thenews.com.pk/print/1067052-russian-ship-carrying-750-000-barrels-crude-to-arrive-in-june" target="_blank" rel="noopener">The News International</a>, a prominent English-language daily, reported last Friday."Pakistan will pay the price of crude most probably in China's currency — yuan," an unnamed Pakistan energy ministry official told the media outlet. The official declined further comment on the pricing of the crude shipment.The country has been indicating in recent weeks that it wants to snap up Russian oil. Petroleum minister Musadik Malik told <a href="https://www.reuters.com/world/asia-pacific/pakistan-places-first-order-discounted-russian-crude-says-minister-2023-04-20/" target="_blank" rel="noopener">Reuters</a> in April that Pakistan will eventually import around 100,000 barrels of Russian crude daily if the first transaction goes smoothly.The South Asian country's potential shift to the yuan comes as <a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5#chinas-yuan-is-gaining-increasing-usage-globally-pointing-to-the-de-dollarization-of-transactions-worldwide-gradually-1" target="_blank" rel="noopener">countries globally are lining up backup currencies</a> to either trade with heavily sanctioned countries like Russia or for political leverage.Pakistan's purchase of Russian oil comes also amid sweeping sanctions against Moscow over its invasion of Ukraine. Although the trade restrictions have <a href="https://www.businessinsider.com/russia-budget-deficit-falling-energy-revenues-first-quarter-ukraine-war-2023-4">hit Russia's energy revenues,</a> the energy giant has still been able to sell its energy at a discount to opportunistic buyers, such as <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">China and India.</a>Countries mired in economic difficulties — like Pakistan and <a href="https://markets.businessinsider.com/news/commodities/sri-lanka-source-crude-oil-imports-russia-sanctions-fuel-shortage-2022-10">Sri Lanka</a> — have also joined the queue as Russian energy is now being sold at a discount. Russia's flagship <a href="https://oilprice.com/oil-price-charts/" target="_blank" rel="noopener">Urals crude</a> is trading at around a $20 per barrel discount to benchmark US and Brent crude oil currently.Pakistan has been facing an economic crisis that started last year amid soaring inflation, a <a href="https://www.bloomberg.com/news/articles/2023-01-27/pakistan-rupee-slumps-over-4-to-set-new-record-low" target="_blank" rel="noopener">sustained depreciation of its currency,</a> and <a href="https://www.livemint.com/news/world/pakistans-forex-exchange-reserves-hit-10-year-low-11675416505650.html#:~:text=weeks%20of%20imports.-,The%20central%20bank%20said%20the%20reserves%20had%20come%20down%20by,country%20to%20USD%208.74%20billion." target="_blank" rel="noopener">low foreign currency reserves</a>. All these factors make payments difficult for a country that needs to <a href="https://www.trade.gov/energy-resource-guide-pakistan-oil-and-gas#:~:text=In%202019%2C%20the%20country%20produced,%2415%2D%2416%20billion%20annually." target="_blank" rel="noopener">import about 80%</a> of its crude oil and refined petroleum products requirement.The South Asian nation is in such dire straits that it is trying to secure a <a href="https://www.reuters.com/markets/asia/imf-says-it-is-working-with-pakistan-conclude-ninth-review-bailout-programme-2023-05-05/" target="_blank" rel="noopener">bailout from the International Monetary Fund.</a>On top of its economic woes, Pakistan has been mired in a <a href="https://www.businessinsider.in/international/news/pakistan-facing-worst-economic-crisis-ever-as-its-rupee-plunges-says-asian-lite-report/articleshow/97471951.cms" target="_blank" rel="noopener">political crisis</a> that recently intensified after former prime minister <a href="https://www.reuters.com/world/asia-pacific/former-pakistan-pm-imran-khan-arrested-geo-tv-2023-05-09/" target="_blank" rel="noopener">Imran Khan was arrested</a> on Tuesday.Pakistan's energy ministry did not immediately respond to Insider's request for comment.

Pakistan will do anything to get cheap oil as its economic crisis drags on &mdash; including paying for it in the Chinese yuan

It’s one thing to read about <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> and <keyword id="19951337" type="General" weightage="20" keywordseo="carbon-emissions" source="keywords">carbon emissions</keyword> in an article, and quite another to see the toxic fumes engulfing your entire country — swirling over it like a certain menacing doom. <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword> recently unveiled a groundbreaking visualisation tool that offers an unprecedented look at how carbon dioxide (CO2) moves around our planet. This high-resolution model provides a stunning, animated map of <keyword id="22576003" type="General" weightage="20" keywordseo="global-CO2-concentrations" source="keywords">global CO2 concentrations</keyword>, revealing the complex patterns of this crucial <keyword id="20719964" type="General" weightage="20" keywordseo="greenhouse-gas" source="keywords">greenhouse gas</keyword>. <div type="Youtube" id="zZ-lMDtiI-k" title="Model Behavior: Visualizing Global Carbon Dioxide" thumbUrl="https://i.ytimg.com/vi/zZ-lMDtiI-k/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=zZ-lMDtiI-k]]></url></div>By combining billions of data points from satellites and ground observations, NASA scientists created a dynamic picture of how CO2 is emitted, transported, and absorbed across the globe. This interactive map showcases <keyword id="22576002" type="General" weightage="20" keywordseo="CO2-concentrations" source="keywords">CO2 concentrations</keyword> as they shifted through Earth's atmosphere from January to March 2020, influenced by wind patterns and atmospheric circulation. With its exceptional detail, you can zoom in to pinpoint CO2 emissions rising from power plants, fires, and urban areas, as they spread across continents and oceans. Over India, you can see the greenhouse gas blowing over from neighbouring continents and also originating from the subcontinent. The pulsating oranges indicate CO2 concentrations of 420-460 ppm over India. <h2>The sources of CO2 </h2>One of the most striking features of the map is its ability to zoom in on specific regions, allowing viewers to see CO2 emissions rising from individual cities and industrial complexes. This level of detail provides a clear and compelling picture of human activities' impact on the environment. The map highlights distinct emission patterns across different regions. In China, the United States, and South Asia, power plants, industrial facilities, and vehicles were the primary contributors to CO2 emissions. Conversely, in Africa and South America, fires ignited by land management practices, agricultural burning, and deforestation, along with the combustion of oil and coal, were the main sources. <h2>Pulsating gases</h2>The map also highlights the role of natural systems in the carbon cycle. Forests, oceans, and other ecosystems absorb vast amounts of CO2, acting as vital carbon sinks. However, the visualisation also reveals how human activities are overwhelming these natural systems, leading to a buildup of CO2 in the atmosphere. Further, the map exhibits a pulsating appearance. This is because, firstly, fires typically intensify during daylight hours and subside at night, creating a diurnal pattern. Secondly, the absorption and release of CO2 by plants during photosynthesis and respiration contribute to the fluctuations. This pulsing effect is particularly noticeable in regions with abundant vegetation, such as mid- to high-latitude forests and tropical areas. <div type="Article" hostid="261" msid="112021374" title="Scientists found a groundbreaking new reason to plant more trees" mstype="2" mssubtype="0"></div>“This map is a powerful tool for understanding the scale and complexity of the climate crisis,” said [Quote from NASA scientist]. “It shows us where the biggest problems are and where we need to focus our efforts to reduce emissions.” The data behind the map comes from NASA's <keyword id="22576004" type="General" weightage="20" keywordseo="goddard-earth-observing-system" source="keywords">Goddard Earth Observing System</keyword> (GEOS), a sophisticated model that simulates Earth's atmosphere with incredible detail. By applying this model to CO2, scientists have gained new insights into the gas's behaviour and its impact on the planet. As the world grapples with the challenges of climate change, tools like this are essential for informing policy decisions, tracking progress, and inspiring action. NASA’s CO2 map is a remarkable achievement that offers a glimpse into the urgent need to transition to a low-carbon future. <div type="Article" hostid="261" msid="111566431" title="June warmest on record; every month since July 2023 breached 1.5 deg C threshold" mstype="2" mssubtype="0"></div>

WATCH: A NASA animation shows gigantic plumes of carbon dioxide emissions swirling over India

<ul class="summary-list"><li>Europe is snapping up liquefied <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword>, and poorer countries can't get enough supplies, the Wall Street Journal reported. </li><li>Countries including India, Bangladesh, Brazil, and Pakistan have been forced to slash LNG imports as prices soar. </li></ul>Developing nations are struggling to get enough liquefied natural <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> while European countries are snapping up huge amounts as they seek alternatives to Russian supplies. So far in 2022, Europe has upped its LNG imports by 49%, Wood Mackenzie data shows, <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Feurope-scoops-up-lng-choking-off-power-supplies-in-poorer-nations-11657212688%3Fsiteid%3Dyhoof2">according to the Wall Street Journal</a>. Comparatively, India, China, and Pakistan have cut imports by 16%, 21%, and 15%, respectively. Since <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> invaded Ukraine, Europe has faced a spiraling energy crisis as Moscow curbs its gas exports. LNG used to be cheaper than crude, but the price is now equivalent to $230 per barrel of <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> after soaring 1,900% from pandemic lows.And as LNG prices have shot up, companies are preferring to sell to more creditworthy countries in Europe, the Journal said. Even cargo that was on the way to poorer nations has been rerouted to Europe, as it presents a profitable trade for suppliers despite penalties for breaking contracts with developing countries. "Because of the <keyword id="13186997" type="UNKNOWN" weightage="60" keywordseo="ukraine-war" source="Orion">Ukraine war</keyword>, every single molecule that was available in our region has been purchased by Europe, because they're trying to reduce their dependence on Russia," Pakistani Petroleum Minister Musadik Malik said, as the country's LNG tender for $1 billion drew no offers on Thursday. In Bangladesh, the government has had to shut off electricity for some hours of the day. India, meanwhile, has started to use more coal power and domestic gas, according to the report.Meanwhile, Europe is rushing to stockpile as much LNG as possible to prepare for the colder winter months when gas demand jumps. "The European gas crisis is sucking the world dry of LNG," Valery Chow, head of Asia Pacific gas at Wood Mackenzie, told the Journal. "Emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in Asia have borne the brunt of this and there is no end in sight."

Europe's scramble for gas is depriving poorer nations from getting enough amid the energy crisis

New Delhi: While the <keyword id="20199673" type="General" weightage="20" keywordseo="moderation" source="keywords">moderation</keyword> in <keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword> <keyword id="19895000" type="General" weightage="100" keywordseo="inflation" source="keywords">inflation</keyword> is a welcome development, experts caution that the road ahead could be bumpy. The sequential momentum in <keyword id="19960157" type="General" weightage="20" keywordseo="food-prices" source="keywords">food prices</keyword> remains strong, with a 2.5 per cent month-on-month increase in prices, higher than the average sequential growth, indicating that inflationary pressures may persist. The uneven distribution of monsoon rainfall and the potential for excess rainfall in the coming months pose additional risks to food prices. RajSinha, Chief Economist at CareEdge, noted, "Despite the moderation in the inflation of the food and beverage basket when compared to last year, the sequential momentum remains strong, with a 2.5 per cent M-o-M increase in prices, higher than an average sequential grow." Dharmakirti Joshi, Chief Economist at CRISIL, highlighted the impact of the high-base effect, stating, While the high-base effect -- along with sequential monthly movements -- was supportive of food inflation, it had an adverse bearing on core inflation. The big worry now is food prices continue to be elevated with the on-month rise slightly higher than usual for July. "The good part is monsoon and sowing have been progressing well and the expectation is that the arrival of fresh supplies in the market should over the next few months curb the food price rise. Overall, though, we expect inflation to ease and average 4.5 per cent this fiscal mostly due to softer food prices. This should allow the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> to begin cutting earliest by October", Joshi added. Raghvendra Nath, Managing Director of Ladderup Wealth Management, expressed optimism regarding the CPI data, stating, "This decline is primarily attributed to a reduction in the Consumer Food Price Index, which fell from 9.36 per cent in June to 5.42 per cent in July. This improvement should offer reassurance to the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI), which has indicated that <keyword id="19920341" type="General" weightage="20" keywordseo="rate-cuts" source="keywords">rate cuts</keyword> will occur only when inflation sustainably aligns with its 4 per cent target. He added, "Positive expectations for the monsoon and adequate buffer stocks support the continued downward trend of CPI. However, any substantial rise in crude oil prices due to the ongoing geopolitical crisis could adversely affect inflation and the broader economy." Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, also commended the decline in CPI inflation, stating, "It is highly appreciable that the CPI inflation has exhibited a decline in the year-on-year inflation rate at 3.5 per cent for the month of July 2024 from 5.08 per cent in June 2024." He added, "The food and beverages inflation eased sharply from 8.4 per cent in June 2024 to 5.06 per cent in July 2024 and fuel and light inflation from -3.7 per cent in June 2024 to -5.4 per cent in July 2024, are the main drivers of the softening inflation trajectory." India's Consumer Price Index (CPI) inflation eased significantly to 3.54 per cent in July 2024, marking its lowest level in nearly five years and a sharp drop from 5.08 per cent in June. This decline, which brought inflation below the Reserve Bank of India's (RBI) medium-term target of 4 per cent for the first time since 2019, has been largely attributed to a favourable base effect and a dramatic reduction in <keyword id="20621131" type="General" weightage="20" keywordseo="vegetable-prices" source="keywords">vegetable prices</keyword>. The primary driver behind this sharp moderation was the steep fall in vegetable inflation, which plummeted from 29.3 per cent in June to 6.8 per cent in July. The Consumer Food Price Index (CFPI) also saw a significant reduction, falling from 9.36 per cent in June to 5.42 per cent in July, contributing to the overall easing of CPI inflation. (ANI)

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