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

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

<ul class="summary-list"><li>Europe continues to import Russian natural gas, despite pledges to wean off the fuel after the invasion of Ukraine.</li><li>Europe's reliance on Russian gas has dropped from over 40% to about 15% since the Ukraine war.</li></ul>Europe has pledged to wean itself from Russian natural gas following Moscow's invasion of Ukraine, but it's still buying the fuel.Europe's monthly imports of Russian liquefied natural gas — the supercooled version of natural gas that can be transported on ships — have been holding relatively steady, in the 850,000 to 1.6 million metric ton range, since the invasion of Ukraine, per <a target="_blank" class="" href="https://www.bloomberg.com/news/newsletters/2024-07-30/russia-s-lng-clout-in-europe-rises-as-us-fuel-heads-elsewhere">Bloomberg records.</a>This continued import of Russian fuel shows the complications of cutting off Russian gas completely in the global energy market.To be sure, Russia's share in Europe's natural-gas imports has dropped dramatically since the Ukraine war started.Before the invasion, <a target="_blank" class="" href="https://www.brookings.edu/articles/europes-messy-russian-gas-divorce/">Europe imported</a> over 40% of its natural gas from Russia — its single largest supplier and a major energy producer — mainly via pipelines.By the end of last year, Europe still imported about 15% of its total gas supply from Russia, with about 9% coming from pipelines and 6% as LNG. This is down from 43% and 4% from pipelines and LNG, respectively, in the first quarter of 2021."This means that the handful of member states that have not been able to or have not chosen to reduce their dependency remain highly vulnerable to Russia's weaponization of energy imports," Brookings analysts wrote in a June report.<h2 id="d2e6d7e8-d863-4f71-a938-3b296496b522">US stepped up LNG imports to Europe, but shipments have fallen this year</h2>Europe's continued imports of Russian gas are in part due to shifting demands for the fuel that has driven a lot of exports from the US — the <a target="_blank" class="" href="https://www.reuters.com/business/energy/us-was-top-lng-exporter-2023-hit-record-levels-2024-01-02/">world's top LNG exporter</a> last year — to other locations this year.The <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2022-07-01/us-lng-supplies-to-europe-overtake-russian-gas-iea-says">US supplied more natural gas</a> to Europe than Russia did for the first time ever in June 2022, but the gap between the two countries' LNG shipments has narrowed.In July, the difference between the amount of LNG the US and Russia shipped to Europe contracted to its lowest since late 2021, according to a <a target="_blank" class="" href="https://www.bloomberg.com/news/newsletters/2024-07-30/russia-s-lng-clout-in-europe-rises-as-us-fuel-heads-elsewhere">Bloomberg analysis</a> of preliminary ship-tracking data published on Tuesday.At the end of July, Europe imported 1.5 million metric tons of LNG from the US, just slightly more than the 1.3 million tons the region imported from Russia.The gap between Europe's imports has been narrowing this year. At the end of January, Europe imported 5.2 million tons of LNG from the US and just 1.5 million tons from Russia.This is mostly due to US LNG shippers sending their goods to where the money is: Asia, where prices have been trading at a premium to Europe due to a summer heatwave.Spot LNG cargoes for delivery to North Asia were priced around $12 per million British thermal units, or mmBtu, in the week to July 26, according to <a target="_blank" class="" href="https://www.reuters.com/markets/commodities/asias-lng-imports-shift-higher-europes-fades-russell-2024-07-29/">Reuters</a> in a Monday report. This was about 17% higher than the $10.30 mmBtu for delivery to Europe on July 26.Importers from Japan — a top buyer — were seeking spot cargoes in late June, according to Rystad, an energy research firm, at the time. This means demand has risen more than what importers had projected when they locked in long-term contracts earlier.Asia was the "preferred destination" for US cargoes for delivery in August and September, wrote Masanori Odaka, a senior analyst at Rystad.

The US is sending less natural gas to Europe, complicating Europe's plans to cut off Russian gas

<ul class="summary-list"><li>America is facing a labor shortage problem as the population declines and more boomers retire.</li><li>Research Affiliates CIO Chris Brightman believes immigration reform is needed to boost the economy.</li></ul>Immigration is a hot political topic right now. But to one chief investment officer, immigration policy isn't a matter of political debate — it's an economic nonnegotiable.Chris Brightman, CEO and chief investment officer of the $147 billion investment manager Research Affiliates, believes immigration reform is long overdue — and billions of dollars are at stake if no action is taken.With an aging population and declining birthrate posing a significant economic risk in coming years, the US must take the necessary steps to boost immigration and economic productivity, Brightman wrote in a research note.<h2 id="d07da37b-d90a-4ec0-8bc0-42e235085dac">The depopulation issue</h2>Declining birth rates are causing a drag on many of the world's biggest economies, and the US is no exception.Fertility rates in the US are hovering around 1.6 children per woman, well below the replacement rate of 2.1, which means that natural US population growth is stagnating.According to Brightman, this is a big threat to US economic health. A declining population brings with it a declining labor force. With few workers and an increasingly aging population, programs like Social Security and Medicare become strained.Government initiatives to boost declining fertility rates aren't the answer, Brightman argues. Financial incentives in Japan, Korea, and Taiwan haven't raised fertility rates. Benefits offered by European countries such as paid parental leave and subsidized childcare have also failed to raise fertility rates.As seen in the graph below, US population growth is projected to trend negative in the coming years without additional inflows from immigration.<div type="image" title="Immigration rejuvenates population growth." height="691" width="942" msid="113937812" hostid="261" sizebytes="26162"></div><h2 id="cd3554fc-a73c-4f34-879d-067f5184864e">More immigration is the answer</h2>Brightman points out that immigrants have a long track record of driving productivity and innovation in the US economy. Immigrants have won 40% of all Nobel Prizes awarded to Americans since 2000 and originated a disproportionate number of US patents. Over half of US unicorns, or startups valued at over $1 billion, are founded by immigrants.Beyond these accomplishments, immigrants are necessary to bolster the <a target="_blank" class="" href="https://www.businessinsider.com/labor-market-indicators-jobs-pre-pandemic-levels-healthy-goldman-sachs-2024-10">US labor market</a>. As <a target="_blank" class="" href="https://www.businessinsider.com/best-retirement-cities-buy-home-baby-boomers-florida-north-carolina-2024-10">baby boomers enter retirement</a>, they're leaving behind unfilled job openings — a trend that began in 2010 and has only continued to worsen. There are currently more job openings than unemployed workers.<div type="image" title="More unfilled jobs than employed workers" height="631" width="942" msid="113937813" hostid="261" sizebytes="22280"></div>With a declining population growth rate and an increase of workers aging out of the workforce, increased skilled immigration is the ideal solution to prevent economic decline, in Brightman's view.<h2 id="24a88d05-7dcb-4bb3-b7a2-af31cfd4efd1">Immigration policy solutions</h2>Brightman sees the need for more friendly immigration policies such as providing permanent residency to immigrants who graduate from US universities.Admitting more computer scientists, engineers, doctors, accountants, educators, and other skilled professionals would greatly help the US labor shortage. Brightman highlights that the economy especially needs more healthcare workers and skilled tradespeople.Countries like Canada, New Zealand, and Australia use a point system with selection criteria such as education, professional skills, and language. Brightman believes the US can emulate this immigration model.One popular reform proposed by policymakers is to exempt immigrants with advanced STEM degrees from statutory limits on the number of green cards granted per year. According to an analysis by the Penn Wharton Budget Model (PWBM), such a proposal would boost the US population by 825,000 in the next 10 years and by over 2.5 million in the next 20 years.This proposal will not only fill gaps in the labor market but also significantly reduce the federal deficit in the next two decades, according to PWBM.An increased number of immigrants leads to increased tax revenues. PWBM estimates that if green card limits were lifted for immigrants with STEM degrees, the US government would see an extra $133 billion in revenues with only a $4 billion increase in outlays for a net deficit reduction of $129 billion.The effect would be even more dramatic by 2044, with $708 billion in tax revenue and $74 billion in outlays for a $634 billion reduction in the deficit.Immigration has a reputation for being a polarizing topic, but Brightman sees such a proposal as a necessary policy that'll tackle one of the biggest challenges facing the US economy.

How immigration reform will supercharge the labor market, reduce national debt by over $600 billion in the next 2 decades: Research Affiliates CIO

<ul class="summary-list"><li>Mongolia won't fund the Siberia-2 pipeline for the next four years, Radio Free Europe reports.</li><li>The natural gas pipeline is an ambitious project to deepen trade between Russia and China.</li></ul>Plans for an ambitious natural-gas pipeline between Russia and China have hit a hitch, caused by a completely separate country: Mongolia.According to <a target="_blank" href="https://www.rferl.org/a/china-eurasia-power-of-siberia-mongolia-putin/33086686.html">Radio Free Europe</a>, Mongolia's government did not include funding for the Power of Siberia-2 pipeline in its spending plans for the next four years. The country serves as a buffer state between both Russia and China, and its engagement would be necessary for the project's realization.This fresh snag adds complications to an already uncertain mega-project.Russian energy giant Gazprom started design and survey work on the pipeline <a target="_blank" href="https://www.businessinsider.com/russia-china-gas-pipeline-sanctions-ukraine-putin-gazprom-soyuz-vostok-2022-3">in 2022</a>, projecting that it could deliver 1.8 trillion cubic feet of Russian natural gas to China each yearThis would make the Siberia-2 pipeline Gazprom's biggest deal with Beijing, and could provide a much-needed solution to Western sanctions. After Russia invaded Ukraine the same year, energy restrictions on Moscow have crippled its gas trade.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-gas-sales-revenue-gazprom-economy-decline-sanctions-ukraine-war-2024-6">Research commissioned</a> by the firm found that Gazprom is unlikely to recover gas sales lost to the Ukraine war for at least a decade, placing a greater need on Siberia-2's deployment.But Chinese counterparts face much less pressure, given that the country does not need more <a target="_blank" href="https://www.businessinsider.com/russia-putin-visit-china-xi-enemy-friends-2024-5">gas before the mid-2030s</a>, energy experts have said. For this reason, pipeline negotiations have stalled between Beijing and Moscow, given price and supply level disputes.According to Radio Free Europe, plans for the pipeline also contradict China's increasing shift towards green energy.Moreover, the Siberia-2 project isn't China's only option: President Xi Jinping has also signaled support for the Line D pipeline, deepening ties with Turkmenistan.Expanded access to Eastern markets has proven to be a lifeline for Russia as the West has increasingly shunned the Kremlin. China has been front and center in this transition, with bilateral trade ballooning to a record <a target="_blank" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">$240 billion last year.</a>With Moscow highly dependent on its relationship with Beijing, some experts have characterized it as an <a target="_blank" class="" href="https://www.businessinsider.com/cia-chief-ukraine-war-failure-for-russia-on-many-levels-2024-1">emerging vassal to China</a>.

One key country is holding up a natural-gas pipeline that would deepen ties between Russia and China

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

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

Tensions in Middle-East are rapidly inching closer to their zenith, with Iran firing about 200 ballistic missiles at Israel late yesterday night. In response today, the Indian markets witnessed their worst decline in two months, with Sensex dipping around 1,769 points, or 2.1% to close at 82,497.10. <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> followed suit and was also down by 2.1% to close the day at 25,250.10. As a result, about Rs 11 lakh crore were wiped off the market today. The decline was broad-based, with sectors like realty (dipped by over 4%) auto, and energy suffering the most. Broader indices also fell, losing nearly 2% each. The Hang Seng index, which had rallied over 14% during the last week, largely on the back of various stimulus measures announced by the central bank to stir consumption in the Chinese economy, also slumped around 1.47%. With the possibility of an all-out war between Iran and Israel looming on the horizon, threatening to happen sooner than later, markets are expected to remain volatile in near future. Even the India VIX, seen as a gauge of uncertainty and investor fear in the market, jumped over 9% during the day. The war could throw a huge spanner on India's crude oil import plans. As of August 2024, about 44.6% of India's crude oil imports came from <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>. Israel has already promised significant retaliation, in response to Iran's attack in the days to come. And the strong possibility of a full-blown Israeli attack in Middle East, particularly major oil fields in Iran has sent the crude oil prices surging. Closer home, ONGC (Oil and Natural Gas Corporation) was amongst the biggest gainers on NSE today. <h2>Should Indian investors worry? </h2>But is the impending action in Middle-East the only reason behind today's drastic fall? Vishnu Kant Upadhyay, AVP, Research &amp; Advisory at Master Capital Services notes that while it plays a significant role, other factors are also at play. "Recent regulatory changes in the F&amp;O segment by SEBI is expected to impact trading volumes, as retail participation may decline due to the increased contract size and limits on weekly expiries. Meanwhile, strength in the Chinese market, following the People’s Bank of China (PBoC) stimulus package, has also diverted foreign investment to China, where valuations remain more attractive compared to India", he noted. But Upadhyay believes that the extension of losses in Indian markets wont last long. "From a technical perspective, as long as prices hold above the 25,250–25,100 zone, any decline could present an opportunity to build fresh long positions. A stock-specific approach is advisable, with sectors such as Oil, IT, PSU Banks, Metals, and Chemicals likely to outperform in the coming days", he adds. Shrikant Chouhan, Head Equity Research, Kotak Securities observes that as long as market is trading below 25,365/82,800, the weak sentiment is likely to continue. On the down side, it could slip till 25,150-25,025/82,200-82,000 as well. On the other side, one quick technical pullback is likely if the market succeeds to trade above 25,365/82,800. Above the same, it could bounce back till 25,475-25,500/83,100-83,300. The current market texture is volatile hence; level based trading would be the ideal strategy for the day traders. <h2><keyword id="20760178" type="General" weightage="20" keywordseo="mutual-fund-investors" source="keywords">Mutual fund investors</keyword>, stay put</h2>In the aftermath of a <keyword id="19968045" type="General" weightage="20" keywordseo="market-correction" source="keywords">market correction</keyword>, most mutual fund investors often face a critical decision- should they stop their SIPs (<keyword id="21047553" type="General" weightage="20" keywordseo="Systematic-Investment-Plans" source="keywords">Systematic Investment Plans</keyword>) or to view the downturn as a valuable opportunity to acquire more mutual fund units? By continuing SIPs during such downturns, investors can take advantage of 'rupee-cost averaging,' i.e. accumulating more units when prices are down. This approach not only lowers the average cost per unit, but also positions the portfolio for greater returns when the market eventually recovers, and softens the impact of short-term volatility. Swapnil Aggarwal, Director, VSRK Capital explains that alongside maintaining regular investments, revisiting your asset allocation is also essential in these turbulent times. A well-diversified portfolio, that balances equities with safer assets like bonds can withstand market fluctuations more effectively. You can consider shifting some investments into bond funds or other stable instruments, which can provide a cushion against further declines. <h2>What happens next? </h2>While the immediate impact of a market correction may lead to declines in the NAV (Net Asset Value) of mutual funds, disciplined investors can view this as a moment to reassess their strategies. Focusing on your <keyword id="20908416" type="General" weightage="20" keywordseo="long-term-financial-goals" source="keywords">long-term financial goals</keyword> will let you turn market volatility into opportunity! The market will remain keenly focused on the evolving situation in the Middle East. What will also be equally important are the US monthly jobs data due tomorrow, which could determine the size of Fed's next interest rate move in November.

Nifty, Sensex in freefall today as Iran mounts attack on Israel. Here's what experts think you should do

<ul class="summary-list"><li>Indexes fell Thursday as investors wait for comments from Fed Chair Jerome Powell at Jackson Hole. </li><li>Investors are eager for any indication of how steep cuts will be through the rest of this year. </li></ul>Indexes ended lower Thursday as investors awaited comments from Federal Reserve Chair Jerome Powell at the Federal Reserve's Jackson Hole conference on Friday. The S&amp;P 500 and the Dow Jones Industrial Average closed slightly lower, though the Nasdaq Composite logged a bigger drop of 1.6%. Treasury yields spiked, with the 10-year bond yield up eight basis points 3.863%Investors are eager for any indication of how steep cuts will be, with markets pricing in 100% odds the Fed starts loosening monetary policy at next month's FOMC meeting. The Fed's July meeting <a target="_blank" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20240731.pdf">minutes</a>, released Wednesday, said "the vast majority" of officials said a September ease in policy would "likely be appropriate" if economic data continues "to come in about as expected."According to the CME FedWatch tool, investors see a 25 basis point cut as a near certainty next month, with smaller odds of a 50 basis point cut.In a note on Thursday, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/jerome-powell-surprise-stock-market-jackson-hole-speech-preview-2024-8">Goldman Sachs analysts said</a> there are still a number of ways Powell could surprise markets, with either a more hawkish or dovish message possible from the Fed chief. "Possible dovish surprises could include a more concerned take on the labor market or any suggestion that the high level of the fed funds rate is inappropriate in light of the progress made on inflation," David Mericle, a Goldman economist, said. Markets were also digesting new jobless claims data, which showed applications for unemployment benefits rose slightly, to 232,000. The rise comes on the heels of two weeks of declining claims following the weak July jobs report, which sparked fears of a recession earlier this month. The report also follows revised jobs data from Wednesday, which showed the US added 818,000 fewer jobs between April 2023 and March 2024 compared to initial reports.Other data released Thursday showed a 1.3% increase in sales of existing homes in July compared to June. The data, released by the National Association of Realtors on Thursday, falls short of economist estimates of 1.5%, according to a Wall Street Journal survey.The data showed that the median price of existing homes fell to $422,600 in July, down from a record high of $426,900 in June.Here's where US indexes stood at the 4 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,570.64, down 0.89% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,712.78, down 0.43% (-177.71 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,619.35, down 1.67%</li></ul>Here's what else happened today:<ul><li>A small mining firm just saw its stock <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lucara-stock-price-soars-mining-firm-discovers-2nd-largest-diamond-2024-8">surge 91%</a> after it discovered the world's 2nd-largest diamond.</li><li>A small Kansas bank was <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/crypto-scam-kansas-bank-pig-butchering-jail-prison-embezzlement-fraud-2024-8">forced to close last year</a> after its owner sent $47 million to scammers, believing he was investing it in legitimate cryptocurrencies.</li><li>Mongolia won't fund a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-china-gas-trade-siberia-pipeline-mongolia-western-sanctions-war-2024-8">natural gas pipeline between Russia and China</a> for at least the next four years.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 1.3% to $72.92 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1.4% to $77.09 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> traded higher at $2,463.30.</li><li>The 10-year Treasury yield was up eight basis points to 3.863%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> was down 2% to $60,413.</li></ul>

Stock market today: Stocks end lower as markets brace for Powell's Jackson Hole speech

<ul class="summary-list"><li>Interest rates and stock returns are expected to decline, impacting investment strategies.</li><li>Historically, stocks and bonds have alternated in performance, affecting portfolio decisions.</li></ul>A diversified investing strategy means a split between stocks and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond">bonds</a>, at minimum. But for the better part of the last two decades, interest rates were near zero, and real returns in bonds were lacking.Still, investors added them to their portfolios because history has shown us that asset classes can zig and zag, with long <a target="_blank" class="" href="https://www.businessinsider.com/stock-and-bond-market-correlation-normal-2014-2">periods of stock market outperformance</a> relative to bonds and intervals where that dynamic flipped.The last two years were great for both asset classes. Elevated rates put the bond market back on investors' minds, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> had a solid 26% total return. But depending on who you ask, the future may not be as bright.Yields will be less attractive as the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11#:~:text=The%20Fed%20cut%20interest%20rates,country%20recovered%20from%20the%20pandemic.">Fed begins its rate cuts</a> for this cycle. Meanwhile, Goldman Sachs expects stock-market returns to be muted for the coming decade. The S&amp;P 500 is predicted to see a mere 3% annualized return over the next 10 years, which could lag the 10-year Treasury at an expected 4% yield, according to a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-beat-stock-market-returns-next-decade-goldman-sachs-2024-10">recent note</a> by the investment bank's chief US equity strategist David Kostin.If the bears are right, investors may be forced to take on more risk for returns. Sounds gloomy, but for bond traders like Mark Rieder, who has over two decades of experience in the sector, it could be an opportunity to dig for bargains in corporate credit.Generating alpha for a credit trader could mean beating a peer, a Bloomberg fixed income index that matches the category of bonds traded, or simply remaining in positive territory in terms of total returns when the market is down, Rieder told Business Insider."Over the past 10 years, when interest rates were very low, it was not an exciting time to be a credit analyst and a portfolio manager," Rieder said. "But it's much more interesting today, and I'm really excited about that."However, active debt investing takes a good level of skill and consistent effort to make the right credit selection, according to his new book, "Reminiscences of a Bond Operator." Like the stock-picking process, following the crowd or consensus won't result in alpha. A credit trader must conduct the same level of fundamental analysis and dig into a company's balance sheet, earnings calls, 10Qs, and 10Ks, among other things, to determine valuation."I've always believed that a good credit analyst is also a really good equity analyst because you really need to understand the capital structure of the companies that you're evaluating and all of their different needs," Rieder said. "Most companies want to have their stock price go up, and so as a credit analyst, you need to understand that so that you can understand what their motivations are."It's especially important now, as the credit space faces its own set of challenges. Like the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">business cycle</a>, credit has its booms and busts based on macro conditions and supply and demand. In a strong economic environment, corporate cash flows rise, and companies increase borrowing with favorable lending terms. But when times are tight, companies deleverage until their debt is less than their cash flow. Once that equilibrium is satisfied, more borrowing ensues, according to his book.Rieder said credit is in the boom part of the cycle. This might sound surprising, considering debt has been expensive for the better part of the last two years. But most companies were locked into low yields before rates rose, he noted. As debt turnover increases, investors need to be cautious."There's a lag impact on the increase in rates. Most companies borrow for long periods of time, five years, 10 years," Rieder said. "A lot of companies issued debt when interest rates were very low. They're now only starting to refinance that low-coupon debt. That, in turn, is what causes an impact."He doesn't expect that the Fed's cutting cycle will mitigate the crunch. The central bank can impact front-end yields, but the back end is driven by additional considerations, he noted. The 10-year rose to 4.3% shortly after the first rate cut of September, a signal that <a target="_blank" class="" href="https://www.businessinsider.com/us-election-forecast-most-accurate-economist-predicts-outcome-economic-impact-2024-10">investors were looking ahead</a> at other economic risk factors, including concerns over the government's ballooning deficit, he added. Additionally, economic conditions such as elevated credit card debt pose concerns for future corporate profits.<h2 id="101d0bc7-10c7-46f9-a758-eea160588283">Trading credit</h2>Right now, investment-grade credit spreads are tight. The yields in corporate bonds aren't much higher than in government bonds, meaning less compensation for more risk. But if we move from the boom to the bust phase, credit spreads could widen, and that could create opportunities in the credit space, he said.While spreads are tight, he prefers front-end yield or pairing trades with cheap optionality. The cost of shorting a credit index like the CDX Investment Grade 5-Year Index, a credit-default-swap index that tracks the credit risk of large US investment-grade companies, is low. And since spreads are trading at historically tight levels, it's less likely to get much lower, which could limit potential losses, he said. This position can then be paired with a trade expected to perform positively.An example he provides of a market-neutral pair trade could look like buying a corporate bond in a sector with structural tailwinds, such as a natural gas producer set to benefit from increased demand and rising energy prices, or airplane lessors who benefit from higher lease rates due to a tight aircraft supply — a situation that's unlikely to ease in the near term because of production challenges faced by manufacturers. Then, take a short position in an interest-rate future to hedge against the bond's interest-rate risk."This trade works if natural gas prices remain stable or rise, leading the energy bond to outperform the overall corporate bond market," Rieder said. "It's an excellent opportunity to capitalize on the current tight credit spread conditions and complacency in the overall credit market."Having liquidity can also give you an upper hand. As spreads widen, investors may be forced into selling higher-quality credit because they can't offload the lower-quality ones, he said."There are huge opportunities in credit if you remain liquid during dislocations," Rieder said. "Other investors are going to be looking for liquidity. They can't sell what they want to, so they sell what they can, and that can lead to opportunities to buy cheap assets."

A veteran bond operator shares an alpha-generating strategy for dropping yields and muted stock-market returns

New Delhi [India], June 19 (ANI): Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="HPCL" source="Orion">HPCL</keyword>), which is enhancing its footprints in the <keyword id="6354703" type="General" weightage="100" keywordseo="natural-gas" source="Orion">natural gas</keyword> market, on Monday said it has secured a major long-term contract from ONGC Petro additions Ltd (OPaL) for the supply of natural gas. HPCL will supply natural gas to ONGC Petro additions Ltd's petrochemical complex at Dahej in Gujarat. OPaL, a joint venture of ONGC, GAIL and GSPC, requires natural gas for operating its own captive power plant for supporting its power and steam requirements. In a stock filing, HPCL said it has won the contract through competitive bidding against a tender floated by OPaL. "HPCL will be supplying 13.53 Trillion Btu of Natural Gas to OPaL during the period October 23 to May 26 under this contract," the filing said. HPCL has ambitions in the natural gas business and is focused to build a strong foothold in the petrochemical and fertilizer sectors. Further, HPCL informed stock it has entered into an agreement with Automin Car Services Pvt Ltd, a subsidiary of Petromin Corporation, Saudi Arabia to establish co-branded HP-Petromin Express vehicle service centres across India. Petromin is a leading mobility solutions player in automotive technology with more than 700 multi-brand quick-service outlets across the GCC region. "This strategic partnership aims to provide world-class customer experiences at affordable prices and offer a comprehensive range of solutions under one roof, including lube change, light repairs, periodic maintenance, battery replacements, tire services, air conditioning repairs and eco carwash facilities," it added. The co-branded HP-Petromin Express vehicle service centres will be located in HPCL's retail outlets in metros and other major cities across India. (ANI)

HPCL bags contract from OPaL for supply of natural gas

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

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

<ul class="summary-list"><li>Russian inflation will likely rise after the nation hiked its gas prices, British Intelligence said.</li><li>Russia raised domestic gas prices 11% at the start of July.</li></ul>Russian inflation will worsen after a sudden spike in gas prices, according to a new report from the UK intelligence.Consumer prices in Russia are set to rise even higher after the government implemented prices hikes on gas for its citizens this month, the British Ministry of Defence said in a <a target="_blank" href="https://x.com/DefenceHQ/status/1812769823211896886">note</a> this week. Domestic gas prices in Russia spiked 11% at the start of July, likely to make up for industry losses stemming from Western sanctions, the note said."This hike is almost certainly intended to increase revenue from Russia's domestic market, in response to the loss of natural gas exports in Europe," the Ministry said.Gas prices, which are state-controlled in Russia, have already shot up 34% since Moscow began its invasion of Ukraine in 2022. Prices are on track to rise another 8.2% in 2025, which will "almost certainly add to inflationary pressures," the report said.The increases come as Russia has lost a huge segment of its natural gas business as the European Union has weaned itself off of Russian fossil fuels since 2022. Russia has also cut off natural gas supplies to key European countries, like <a target="_blank" href="https://www.businessinsider.com/russia-cut-natural-gas-to-germany-shell-refused-ruble-payment-2022-6">Germany and the Netherlands</a>, due to suppliers refusing to pay for gas in rubles.The restrictions have taken a huge bite out of Russia's gas sales, which make up one of the Kremlin's largest sources of revenue. Gazprom, Russia's state-run gas producer, said it lost 629 billion rubles, or <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-energy-flows-gazprom-sanctions-ukraine-war-putin-2024-5">around $6.8 billion in 2023</a> — its first recorded loss in over 20 years.Sanctions have also hit Russia's oil revenue, another key source of income for the Kremlin. Moscow's total <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">oil and gas sales plummeted 24% in 2023</a>, a sign higher energy prices haven't completely made up for the loss in market share.Higher prices have posed a burden on Russians, who have been grappling with elevated inflation since the start of the war in Ukraine. Consumer prices rose 8.6% year-per-year in June, Russia's economic ministry reported, well above the Bank of Russia's 4% price target.British intelligence added that inflation in Russia is "highly likely" to remain above target through the rest of 2024.Analysts expect inflation to clock in at over 6% by the end of the year, which could cause central bank to lift interest rates to 18% in July, <a target="_blank" class="" href="https://www.reuters.com/markets/rates-bonds/russia-seen-hiking-rates-by-200-bps-18-july-inflation-quickens-2024-07-02/">according to Reuters</a>.

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