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

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

<ul class="summary-list"><li><keyword id="19935006" type="General" weightage="100" keywordseo="Guyana" source="keywords">Guyana</keyword>, the tiny South American nation, plans to give $500 to every citizen aged 18 and over.</li><li>Its president said the <keyword id="21044249" type="General" weightage="20" keywordseo="cash-payments" source="keywords">cash payments</keyword> aim to narrow disparities and help with higher living costs.</li></ul>The world's fastest-growing economy is giving the equivalent of $500 to each of its adult citizens as it works to share its newfound oil wealth and soften the sting of higher living costs. President <keyword id="21170274" type="General" weightage="20" keywordseo="Mohamed-Irfaan-Ali" source="keywords">Mohamed Irfaan Ali</keyword> of Guyana, the South American country with just 800,000 people, announced the move last week and said his government would begin distributing the cash immediately. He previously said each household would receive the Guyanese-dollar equivalent of $1,000, but switched to an individual payment after locals raised concerns about how a household would be defined and how the money would be shared within each home. "This is how we are promoting prosperity, ownership, distribution of wealth," Ali said. "This is how the resources and revenue of this country are being spent every single day to lift the lives of people, to expand national wealth, coastal wealth, and community wealth." Guyanese authorities have taken other steps to combat the rising cost of living, the post noted. They've removed more than 200 taxes and fees, including the excise tax on fuel and VAT on water, electricity, and some basic foods. They also gave a one-time, tax-free grant worth about $120 a person to a group that included teachers and public servants last year. Nicolas Suarez, a senior economist at S&amp;P Global Market Intelligence who covers Latin America, told Business Insider the original plan would "increase the average household's disposable income, alleviating some budget constraints." He estimated the initial program's scale at 1.5% of national GDP and 7.9% of Guyana's Natural Resource Fund, which officials set up in 2019 to prudently manage the country's oil revenues. The scale of the updated plan is less clear. World Health Organization data suggests there are about 711,000 Guyanese aged 15 and over, so if we assume the 18+ population is 660,000 people and all of them receive $500 each, the program could cost $330 million —not far off the government's estimate of $290 million for the original household payout. "In the short term, this measure could boost private consumption growth, but it may not ease <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>ary pressures," Suarez said about the previous plan. "On the contrary, higher government expenditures could lead to significant inflationary pressures over the next 12 months." He noted that inflation in Guyana has climbed from a pre-pandemic average of 2.3% a year to 3.3% in August. He noted that <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation</a> in Guyana has climbed from a pre-pandemic average of 2.3% a year to 3.3% in August. <h2>Riding an oil wave</h2>Guyana, an English-speaking former colony that gained independence from Britain in 1966, borders Venezuela to the west, Brazil to the south, and Suriname to the east. Its natural resource fund is similar to <a target="_blank" class="" href="https://www.businessinsider.com/norway-sovereign-wealth-fund-to-dump-russian-assets-ukraine-invasion-2022-2">Norway's oil fund</a>, set up in the 1990s to invest profits from the Scandinavian nation's oil-and-gas sector, protect the economy from fluctuations in energy revenues, and serve as a financial reserve and long-term savings plan for Norwegians. Norway's gas-powered sovereign wealth fund has helped to make it one of the world's wealthiest countries with an estimated population of 5.5 million and a GDP per capita of about $88,000 last year, according to World Bank data. Its oil fund held over $1.7 trillion of assets at the end of June, or more than $300,000 per Norwegian citizen. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-chevron-hess-guyana-oil-economy-berkshire-hathaway-stock-2023-10">Exxon</a>, which has discovered an estimated <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-price-cuts-us-crude-production-guyana-2023-12">11 billion barrels of oil equivalent</a> off Guyana's coastsince 2015, forecasts the country will produce about 1.3 million barrels a day once the company's six projects are online in 2027. That amount rivals Qatar's current output and would rank Guyana among the world's 20 largest oil producers. Guyana ramped up production to more than 600,000 barrels a day earlier this year, fueling roughly 50% <a target="_blank" class="" href="https://www.businessinsider.com/oil-market-guyana-economy-crude-production-outlook-opec-price-cuts-2023-12">GDP growth</a> in the first half and putting Guyana on track to grow about 43% this year, Ali said in an August webcast. Real GDP soared by about 62% in 2022 then 33% in 2023, while GDP per capita has surged from $7,000 in 2020 to around $26,000 this year, International Monetary Fund data shows. <h2>Sharing the wealth</h2>Guyana's payment to its people "sounds like great news," Karl Widerquist, a philosophy professor at Georgetown University-Qatar and the author of several books about universal basic income (UBI) told BI. He described the one-time distribution as "basic capital" or a "stakeholder grant" instead of a basic income, but said "it's a big step in that direction if they go through with it." UBI typically refers to a recurring cash payment made to every individual in a society regardless of their wealth, with no restrictions on <a target="_blank" class="" href="https://www.businessinsider.com/how-people-spend-universal-basic-income-ubi-food-housing-transportation-2024-4">how the money is spent</a> and no requirement to pay it back. Proponents hail it as a safety net against poverty that relieves financial strain and frees people to change jobs, start businesses, and weather periods of bad luck without stressing about paying their bills. Guyana's one-off, unconditional cash grant is a "positive step," Cleo Goodman, the basic income lead at the Autonomy Institute think tank, told BI. "This is a welcome injection of cash for citizens." However, she noted a guaranteed, regular income would be a "much more comprehensive commitment to redistributing this newfound wealth." Guyana was colonized by the Netherlands before Britain gained control in the late 18th century. The nation, which shares borders with Venezuela, Brazil and Suriname, became independent in 1966. Correction: October 18, 2024 — An earlier version of this story mistakenly reported an outdated version of the policy. Guyana announced Wednesday it had decided to give the equivalent of $500 to every adult, rather than a higher amount to each household as previously planned. The story also misstated the value of the previously announced figure in US dollars. It was $1,000 a household, not $2,000.

This tiny country says it will give $500 to every adult as an Exxon oil boom supercharges its economy

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>Autry Stephens sold his oil company for $26 billion but died before the deal was completed.</li><li>The Texan farm boy became an oil tycoon by betting big, minimizing costs, and working tirelessly.</li></ul>Autry Stephens spent 45 years building one of the nation's largest private oil producers and finally agreed to sell it for $26 billion this year — but <a target="_blank" class="" href="https://www.businessinsider.com/oil-deals-autry-stephens-endeavor-diamondback-energy-billionaires-rich-list-2024-8">died before the deal closed</a>.The Texas farm boy became an oil tycoon by taking big risks, pinching pennies, hustling hard, and finding ways to survive when others failed. Here's the story of his life and his last big deal.<h2 id="36c5efde-9e9d-4363-a20b-58af577cef02">Drilling down</h2>Stephens was born in 1938, raised on a fruit-and-peanut farm in the Texas town of DeLeon, and studied petroleum engineering at the University of Texas at Austin's engineering school, according to a profile on its website.His first job after graduating was at Humble Oil, an ExxonMobil predecessor. He promptly took two years out to join the US Army Corps of Engineers as a lieutenant and platoon leader in charge of installing pipelines before rejoining Humble for five years.His next gig was as an appraisal engineer for a bank in Midland, Texas. Next, he struck out on his own as an independent consulting engineer.Stephens was in his forties by the time he drilled his first well in 1979. He plowed his life savings into the prospect, which "wasn't very smart," he told The Wall Street Journal in February.Over the next 45 years the <a target="_blank" class="" href="https://www.businessinsider.com/rise-fall-of-energy-titan-aubrey-mcclendon-2016-3">wildcatter</a> established Big Dog Drilling Company, which had a single rig at first, and then Endeavor Energy Resources. He built his business into one of the biggest oil exploration and production companies in the <a target="_blank" class="" href="https://www.businessinsider.com/us-oil-production-boom-crude-supply-wti-price-goldman-sachs-2024-7">Permian Basin</a> of West Texas and New Mexico.Endeavor now owns 410,000 net acres across multiple basins, boasts thousands of wells, and produces more than 420,000 gross operated barrels of oil equivalent per day, according to its website.<h2 id="aa67b277-e6a4-4fa5-b4a7-93fd25904d00">Striking oil</h2>Stephens competed with the oil majors as an underdog, purchasing wells they deemed too costly to bring online. He drove down costs by drilling one well at a time, and <a target="_blank" class="" href="https://www.businessinsider.com/learn-from-elon-musk-vertical-integration-leadership-spacex-tesla">buying or setting up</a> his own fracking, trucking, construction, and oil services companies.When rivals faltered during industry downturns, Stephens bought cheap mineral rights and acquired businesses for his stable. He stayed afloat when crude prices plunged in <a target="_blank" class="" href="https://www.businessinsider.com/2008/9/oil-to-91-as-global-economy-collapses">2008</a> and <a target="_blank" class="" href="https://www.businessinsider.com/oil-drops-to-five-year-low-2014-12">2014</a> by shutting down his rigs, flogging assets, and securing new lenders, per the Journal. He also issued long-term bonds and stabilized the selling prices for his oil using futures contracts, per Bloomberg.Endeavor has been riding high on the <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-production-outlook-opec-cuts-saudi-arabia-flood-market-2023-12">US shale wave</a> since 2016, when it shifted its focus to fracking and horizontal drilling. Stephens told the Journal that he'd been fending off buyout offers from ExxonMobil and Shell for years.He finally accepted a $26 billion deal for Endeavor from Diamondback Energy in February. One big reason was that he'd been diagnosed with cancer, and the disease was taking a physical toll on him, he told the Journal.<h2 id="b62e82ef-8d34-46c7-8e7e-b3a8b1bf3940">Work hard, spend little</h2>Stephens was renowned for his zealous <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/good-worth-ethic-working-class-2022-7">work ethic</a>. The Journal reported that he often went to Endeavor's offices at weekends, and marched up and down the staircases for exercise.He also took a leaf out of Warren Buffett's <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">frugal billionaire</a> playbook. He flew cheaply with <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-history-2021-8">Southwest Airlines</a>, drove a <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-cadillac-car-upgrade-gm-barra-berkshire-hathaway-police-2024-3">beaten-up</a> Toyota Land Cruiser, and didn't take any money out of Endeavor for many years, sources told the Journal.Stephens also kept a low profile. One of his few moments in the spotlight was on a truTV documentary called "Black Gold," which followed workers on one of his rigs as they scrambled to complete four wells in 50 days.<h2 id="cb02d0f0-d63c-4642-9b75-a912624e83d2">Missing out</h2>Diamondback is <a target="_blank" class="" href="https://www.businessinsider.com/endeavor-energy-autry-stephens-net-worth-career">set to buy</a> Endeavor for $8 billion in cash and 117 million shares.The merger promised to quadruple Stephens' net worth to more than $23 billion on paper, vaulting him to 85th place on the Bloomberg Billionaires Index and making him America's wealthiest oilman.Stephens has now been removed from the rich list following his death on August 16 at the age of 86. He was previously listed as gaining some $17 billion this year — more than <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> (up $4.2 billion), Microsoft's <a target="_blank" class="" href="https://www.businessinsider.com/how-former-microsoft-ceo-steve-ballmer-spends-fortune-2024-7">Steve Ballmer</a> (up $11.8 billion), and Asia's richest person, <a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a> (up $16 billion).The wildcatter died shortly before the deal's expected fourth-quarter close. But given Stephens' disinterest in living large, it's unlikely he felt bitter about missing out. His family is set to receive the payment instead.Stephens told the Journal in February he had "mixed emotions" about selling the company he'd built over more than four decades. He viewed his workforce as a "kind of a little family" and would miss them.

Autry Stephens sold his company for $26 billion but died before the deal was done. Here's how a Texas farm boy became an oil tycoon.

<keyword id="41896" type="General" weightage="80" keywordseo="iran" source="Orion">Iran</keyword> and <keyword id="6358826" type="General" weightage="100" keywordseo="russia" source="Orion">Russia</keyword> have signed contracts worth around $6.5 billion for cooperation in the gas sector, a Minister announced here. The newly signed deals are parts of the memorandum of understanding (MoU) valued at $40 billion signed between the <keyword id="514370" type="General" weightage="50" keywordseo="national-iranian-oil-company" source="Orion">National Iranian Oil Company</keyword> (NIOC) and Russia's Gazprom in July, that have recently turned into contracts, <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> quoted Deputy Foreign Minister for Economic Diplomacy Mehdi <keyword id="62620" type="General" weightage="80" keywordseo="safari" source="Orion">Safari</keyword> as saying on Monday. Safari expressed hope that the remaining parts of the MoU would also turn into contracts within one month, adding that negotiations in this regard are underway. He noted that the gas swap deal between Iran and Russia is also being finalized, saying the only issue left undecided is choosing an intermediary country for sending the Russian gas to Iran. The Minister said Iran's plan is to import Russia's gas while exporting Iranian gas to foreign markets, noting that it benefits his country by reducing the costs of transferring Iranian gas from the southern regions to the north. The joint project will also help increase political solidarity among Iran, Russia and intermediary countries, such as Turkmenistan and Azerbaijan, and thus, will contribute to the region's political stability, security and peace, Safari added. He noted that in the coming days, the two countries would also agree on the details of a contract for swapping oil and petroleum products, which was discussed in October during a visit by Oil Minister Javad Owji to Russia. Safari said the two countries' focus in their oil swap negotiations is on an annual target of 10 million tonnes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-opens-above-61000-while-nifty50-climbs-over-18100-mark/articleshow/95220907.cms">Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark</a> <a href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms">Rupee gains 8 paise to 82.73 against US dollar</a>

Iran signs $6.5 billion gas contract with Russia, gas swap deal reportedly being finalized

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>Both presidential campaigns have discussed ideas for cutting housing costs.</li><li>JD Vance says a Trump administration would build more homes in part by lowering energy costs.</li></ul>As rising home prices and rents squeeze households across the country, the presidential candidates are weighing in on the <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">housing shortage</a>.Former President Donald Trump doesn't list housing among the <a target="_blank" class="" href="https://www.donaldjtrump.com/platform">top 20 priorities</a> on his campaign website, but he and his running mate have argued that some of their top agenda items — including deporting millions of immigrants — would bring down housing costs.In that spirit, Sen. JD Vance recently promised that a future Trump administration would build millions of homes in part by making energy cheaper. "We're going to drill, baby, drill, lower energy costs, and that's going to make it easier to build homes," <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">he said</a> during an October campaign stop in Nevada.Housing policy experts and economists disagree, saying lower energy costs would not significantly boost construction or make homes cheaper.The cost of new housing is largely determined by the availability of workers, the prices of building materials, and government regulations that limit construction. Other policies Trump has promised to enact — including hiking tariffs on a slew of foreign imports and deporting millions of immigrants — are expected to inflate housing costs by increasing the cost of key materials and worsening the labor shortage.A spokesperson for Vance didn't immediately respond to a request for comment.<h2 id="1a82d7c2-a275-42fb-a86a-4ae9f17818b1">Building materials and tariffs outweigh cheaper oil</h2>Economists say that lower electricity costs and diesel fuel prices would make certain goods and services needed to build housing somewhat cheaper. But they wouldn't dent the most significant input costs related to building, which are labor and building materials."I'm not saying it's immaterial," Anirban Basu, chief economist at the construction industry trade group Associated Builders and Contractors, told Business Insider. "Energy prices are significant, but they're not as significant as many other inputs."The prices of key building materials, including lumber and structural steel, are much more consequential. "When softwood lumber prices took off during the pandemic, it really impacted apartment construction and single-family home building," Basu said.Notably, under the Biden administration, the US has produced and exported <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">more crude oil than ever before</a> in the country's history, even as housing costs have soared.Tariffs imposed by both the Trump and Biden administrations on goods like Canadian lumber aren't helping, Andrew Justus, a housing policy analyst at the Niskanen Center, a nonpartisan think tank, told Business Insider. And Trump has promised to <a target="_blank" class="" href="https://www.businessinsider.com/category/trump-tariffs">dramatically hike tariffs</a> if he's elected."When you think about what is specifically within the government's purview, as far as bringing down costs for building homes, one of the easiest things they could do is reduce the extra tax that they levy on the most basic of building materials," Justus said.<h2 id="49b4842e-9770-4c1e-a378-22cc2018c301">Labor costs and cutting red tape are also key</h2>Labor costs are generally growing as a portion of overall construction costs, Basu said. This is largely a result of a <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">national construction worker shortage</a>, particularly among skilled workers, and lagging productivity in the industry. While labor productivity has improved in most sectors of the economy over the last half-century, US construction productivity <a target="_blank" class="" href="https://www.economist.com/business/2017/08/19/efficiency-eludes-the-construction-industry">has declined</a>."If you look at a typical construction job site, it does not look that different from what it might've looked like five or six decades ago," Basu said.Vance has <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">also said</a> that Trump's plan to deport millions of immigrants would lower demand for housing and, thereby, slow rising home prices and rents. But economists say immigration isn't a major reason for higher housing costs, and because such a large portion of construction workers are immigrants, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">mass deportations would slow home construction and push prices up.</a>"We just don't have the supply of construction labor that we need, and any sort of dramatic reduction in our labor would just make that even worse," Nolan Gray, a city planner and research director for California YIMBY, told Business Insider.But the biggest obstacle to improving housing affordability is local and state regulation. Land-use laws that block denser forms of housing like duplexes or apartment buildings in favor of detached single-family homes make it harder to build cheaper housing."A lot of these suboptimal outcomes come from very poor zoning decisions which tend to favor downzoning of properties, as opposed to embracing density," Basu said.The Trump campaign has said it will cut regulations that stymie building, with Vance saying they'll "stop the ridiculous regulations that make it harder for our construction companies and our workers to build homes" at the Nevada campaign stop.But the campaign hasn't released detailed plans — and when Trump was president, he <a target="_blank" class="" href="https://www.nytimes.com/2020/07/29/us/politics/trump-suburbs-housing-white-voters.html">pushed to protect single-family zoning</a>, which keeps housing more expensive. And while Vice President Kamala Harris has <a target="_blank" class="" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">put forward plans</a> to incentivize deregulation as part of her more explicit housing agenda, most land-use and building regulations are controlled by state and local governments.

JD Vance says pumping more oil will make housing cheaper. Economists say that's a stretch.

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

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

<ul class="summary-list"><li>The Biden Administration plans to release $6 billion in Iranian oil revenue in exchange for five US prisoners.</li><li>The transaction aims to decrease tensions between the countries, and help restore the Iran Nuclear Deal.</li></ul>The Biden Administration signaled intentions to unfreeze $6 billion in Iranian oil funds, alongside plans to release five Iranian prisoners, <a href="https://www.ft.com/content/ec46ce21-99c6-4547-b4aa-2fc4bd3a3f11" target="_blank" rel="noopener">The Financial Times</a> reported. These efforts are part of a US campaign to loosen tensions between the two countries, and follow after Tehran moved five American prisoners from its Evin prison to house arrest. A prisoner swap is likely after the $6 billion becomes available to Iran, which is currently held in South Korea."The US has agreed to allow the transfer of funds from South Korea to restricted accounts held in financial institutions in Qatar and the release of five Iranian nationals currently detained in the United States to facilitate the release of five US citizens detained in Iran," a quoted State Department official said.As a caveat, American officials have said that the oil funds would only be available for the purchase of humanitarian goods. The assets were frozen in 2018, after the Trump Administration <a href="https://www.businessinsider.com/trump-withdraws-from-iran-deal-2018-5">abandoned the Iran Nuclear Deal</a>. As a consequence, Iran lost access to billions of dollars in oil revenue held across a number of central banks. President Joe Biden has made <a href="https://www.businessinsider.com/iran-nuclear-deal-explained">the deal's restoration</a> a leading foreign policy aim. The 2015 pact was designed to restrict Iran's ability to develop nuclear weapons in exchange for lowered sanctions.Though efforts on this have largely stalled, the prisoner swap may help decrease tensions enough to advance dialogue on the program, FT reported. Congress was officially notified about the planned transaction on Monday, and Biden officials are expected to brief lawmakers later this week. Though the names of the Iranian prisoners included in the swap were not made public, the US citizens currently held in Iran include Morad Tahbaz, Emad Shargi, and Siamak Namazi.

US to release $6 billion of frozen Iranian oil revenue as part of prisoner release deal

<ul class="summary-list"><li>Iranian President Ebrahim Raisi died in a helicopter crash in northwest Iran on Sunday.</li><li>The crash involved a US-manufactured Bell 212 helicopter, which stopped being made in 1998.</li></ul>Iranian President Ebrahim Raisi <a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-dead-helicopter-crash-2024-5">died in a helicopter crash</a> on Sunday — and the country's former foreign minister believes US sanctions were partly to blame.Raisi, 63, and <a target="_blank" href="https://www.businessinsider.com/helicopter-carrying-irans-president-crashed-upon-landing-state-media-2024-5">other senior officials</a> were killed after the helicopter they were traveling in was forced to make a "hard landing" over northwest Iran, Ahmad Vahidi, the country's interior minister, told IRNA.State TV said the helicopter crashed into a mountain. While there is no official statement on the cause, images of the crash site <a target="_blank" rel=" nofollow" href="https://x.com/isna_farsi/status/1792449226904908053">captured</a> by ISNA, Iran's state students' news agency, showed <a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-kobe-bryant-flying-helicopter-crashes-fog-2024-5">heavy fog</a> lingering over the area.Multiple outlets, including <a target="_blank" href="https://www.reuters.com/world/middle-east/what-we-know-about-crashed-helicopter-carrying-irans-president-2024-05-20/">Reuters</a>, said the helicopter was a US-manufactured Bell 212, a model that first entered service in 1968 and stopped being made in 1998.Iran's former foreign minister, Mohammad Javad Zarif, said the US sanctions — which prohibit Iran from purchasing US-built aircraft — could be partly to blame.In a phone interview with state TV on Monday, Zarif said the sanctions prevent Iran from having good aviation facilities.According to part of an interview cited by <a target="_blank" href="https://www.iranintl.com/en/202405203793">Iran International</a> and<a target="_blank" href="https://www.isna.ir/news/1403023122675/%D8%B8%D8%B1%DB%8C%D9%81-%DB%8C%DA%A9%DB%8C-%D8%A7%D8%B2-%D9%85%D9%82%D8%B5%D8%B1%D8%A7%D9%86-%D8%A7%D8%B5%D9%84%DB%8C-%D9%81%D8%A7%D8%AC%D8%B9%D9%87-%D8%B3%D9%82%D9%88%D8%B7-%D8%A8%D8%A7%D9%84%DA%AF%D8%B1%D8%AF-%D8%A2%D9%85%D8%B1%DB%8C%DA%A9%D8%A7-%D8%A7%D8%B3%D8%AA"> ISNA News Agency</a>, he said the crash that killed Raisi would be "recorded in the black list of American crimes against the Iranian nation."The US has imposed <a target="_blank" href="https://www.state.gov/iran-sanctions/">various sanctions</a> against Iran since the seizure of the US Embassy in Tehran in 1979. Economic sanctions, including those targeting the aviation industry, were reinstated in 2018 after the US withdrew from its <a target="_blank" href="https://www.businessinsider.com/iran-nuclear-deal-explained">nuclear deal</a>.According to the Washington Institute, a US think tank, Iranian airlines are prohibited from purchasing aircraft that contain more than 10% US parts.This is likely to complicate the process of updating or repairing US-manufactured aircraft that the country purchased before the sanctions took effect.Iranian airlines operate some of the world's oldest aircraft, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-20/raisi-crash-exposes-dangers-of-iran-s-threadbare-aviation-fleet">Bloomberg</a>, which estimated the average fleet age to be over 25 years.According to US military training documents cited by Reuters, the Bell 212 was developed for the Canadian military in the late 1960s and first used by Canada and the US in 1971.There have been multiple crashes involving a Bell 212 through the years. In 2009, a Bell 212 operated by Cougar Helicopters crashed off the coast of Newfoundland in Canada. The incident, which killed 17 of the 18 people on board, was a result of an emergency landing after the aircraft lost oil pressure in one of its engines, according to <a target="_blank" href="https://www.firstpost.com/world/us-made-bell-212-missing-helicopter-carrying-irans-president-a-sturdy-workhorse-in-the-air-13772588.html">First Post</a>.The most recent fatal crash involving a Bell 212 took place in September when a private aircraft crashed off the coast of the United Arab Emirates, according to the nonprofit Flight Safety Foundation, cited by Reuters. It is not known how many passengers were on board.Iran's Ministry of Foreign Affairs did not immediately respond to a request for comment.

Former Iranian official partly blames US sanctions for the helicopter crash that killed its president

<keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> declared the highest-ever standalone net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> of Rs 40,526 crore in FY24, the company informed the exchange in a filing. The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The <keyword id="21739636" type="General" weightage="20" keywordseo="crude-oil-production" source="keywords">crude oil production</keyword> of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24. However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23. The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board. The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas <keyword id="20646431" type="General" weightage="20" keywordseo="gas-production" source="keywords">gas production</keyword> decreased by 3 per cent. The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> in FY24, compared to Rs 30,208 crore spent in the previous year. ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries. The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

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