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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

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

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>The West is still taking in billions worth of Russian oil products, a new think tank analysis shows.</li><li>Russia sold $1.3B of oil to Turkey in the first half of the year before it made its way to the West.</li></ul>Russia is still passing off billions of dollars worth of oil products to the West — a sign that the West is still struggling to throttle Moscow's war revenue with strict sanctions. Russia is still exporting its crude to Turkey, where refineries process the oil and later export crude products to the West, according to <a target="_blank" class="" href="https://energyandcleanair.org/publication/sanctions-hypocrisy-g7-imports-eur-1-8-bn-of-turkish-oil-products-made-from-russian-crude/">a new analysis</a> from the Centre for Research on Energy and Clean Air.CREA data shows that Russia sold $1.3 billion worth of oil to three Turkish refineries in the first half of the year. G7+ nations, meanwhile, purchased around $2 billion of oil products of Russian origin from Turkish refiners, the think tank estimated.Western countries have ramped up their purchases from those three Turkish refineries since Russia began its invasion of Ukraine, the researchers added. The US, for instance, increased imports from those refineries by 335% on a yearly basis in the first half of 2024."G7+ countries have displayed little desire or political will to address the refining loophole and stop it since the beginning of Russia's full-scale invasion of Ukraine. While the loophole goes unchecked, G7+ countries have actually increased their imports from non-sanctioning countries, taking advantage of the situation by simply switching their supplier from Russia to third countries that are essentially functioning as Russian middlemen merchants," the researchers said. It's not the first time Russia used its trading partners to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-oil-fuel-new-york-india-trade-western-sanctions-economy-2023-2">pass off energy products to the West</a>. Indian refiners, for instance, funneled around 89,000 barrels of gasoline and diesel a day to New York, a 2023 Kpler analysis found.Asian buyers of Russian oil, though, have pulled back in recent months, with Russia's crude shipments to the continent dropping around 10% since the spring, according to Argus Media data cited by <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">Bloomberg</a>. Turkey is the last-remaining "<a target="_blank" class="" href="https://www.bnnbloomberg.ca/business/international/2024/09/10/oil-price-rout-drives-russian-revenues-to-seven-month-low/#:~:text=(Bloomberg)%20%2D%2D%20Plunging%20oil%20prices,from%20a%20weakening%20global%20market.">short-haul market</a>" for Russian oil sent from its western ports, taking in around 210,000 barrels of Russian crude a day the last month, the outlet reported.Still, Western sanctions have worked to crimp Moscow's war revenue. Trade restrictions, which include a $60 price cap and ban on Russian oil, dented Russia's crude profits by 14% in 2023, a previous CREA analysis found, which has also been aided by Russia's voluntary oil production cuts and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">falling crude prices</a>.Russia's crude sales dropped to $1.4 billion at the start of September, the lowest level recorded since January, Bloomberg reported.

Russia is still passing $2 billion worth of its oil products to the West via middlemen, think tank says

The <keyword id="26362" type="General" weightage="20" keywordseo="government" source="Orion">government</keyword> has reduced the <keyword id="6357502" type="General" weightage="20" keywordseo="import-duty" source="Orion">import duty</keyword> on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils. With this reduction, the effective duty on refined edible oils stands at 13.7 per cent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 per cent. Commenting on this, Solvent Extractors' Association of India (SEA) Executive Director B V Mehta said the move may have some temporary impact on market sentiments but unlikely to attract imports. "Basically, government wants to keep the prices of edible oils under check. Even with less duty difference between crude and refined soya and <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>s, chances of shipment of refined soya and sunflower <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">oil</keyword> may not be commercially viable but have some temporary sentiment impact on market," Mehta said in a statement. Currently, there are no import of refined soybean and sunflower oils. According to SEA, the delayed onset of monsoon in Kerala by a week led to delay in sowing. "The Met Department has forecast near normal monsoon, however El Nino is not ruled out completely and may spoil the chances of normal monsoon, which may impact kharif crop and domestic availability of vegetable oils in next oil year 2023-24," Mehta added. India relies on imports to fulfill its demand-supply gap in edible oils. It meets nearly 60 per cent of edible oil demand through imports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/sonam-kapoor-plans-to-return-to-bollywood-with-2-yrf-films/articleshow/101014785.cms">Sonam Kapoor plans to return to Bollywood with 2 YRF films</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/automotive-digital-marketplace-truecar-lays-off-24-of-workforce/articleshow/101013596.cms">Automotive digital marketplace TrueCar lays off 24% of workforce</a>

Govt cuts import duty on refined soybean & sunflower oils to 12.5%

<ul class="summary-list"><li>Oil exports from Russia dropped to their lowest level in seven months.</li><li>Crude oil exports peaked in April and have fallen 620,000 barrels a day since.</li></ul>Russian oil exports have dropped to the lowest levels since December.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-23/russia-s-oil-exports-fall-further-to-the-lowest-in-more-than-seven-months">Bloomberg reported on Tuesday</a> that exports from Primorsk and Ust-Luga, two of the country's main ports, are down 41% in the last month and are on track to keep falling. The decline comes as Russia moves to comply with cuts agreed to by the OPEC+ oil cartel. The country plans to cut production further in the coming months to make up for producing beyond its OPEC+ quota, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-16/russia-plans-to-make-opec-compensation-oil-cuts-in-warm-seasons">sources told Bloomberg</a>.The Kremlin has generally complied with OPEC's guidance, and during a series of cuts in March, President Vladimir Putin <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-putin-opec-oil-us-output-cuts-competition-market-share-2024-3">backed the OPEC+'s efforts to maintain oil prices</a> but voiced worries over losing market share to the US.So far this year, Russian crude exports have fallen about 30,000 barrels a day from last year's average, and are down 620,000 barrels a day since peaking in April. The drop in exports of Russian crude oil also comes amid recent sanctions from Ukraine against Russian oil supplier Lukoil, which has diverted some oil flows to European countries like Hungary and Slovakia. Pipes to these countries would need to pass through Ukraine, and exports could rise again as the company diverts flows. Meanwhile, the UK recently sanctioned tankers that move oil from Russia, including some that are part of the country's "shadow fleet." Over 60 tankers that carry Russian crude are now sanctioned.Those sanctions are driving refiners in some countries, like <a target="_blank" href="https://markets.businessinsider.com/news/commodities/india-russian-crude-trade-sovcomflot-shipping-sanctioned-tankers-price-cap-2024-3">those in India</a>, to refuse deliveries of Russian oil.Sanctions on Russian energy are part of a larger effort to crimp the revenue needed to keep funding the war in Ukraine, and have escalated since the conflict began in 2022. Russia contributed to about 12% of global crude oil production in 2023, making it the third biggest crude producer in the world, according to <a target="_blank" class="" href="https://www.statista.com/statistics/236605/share-of-global-crude-oil-production-of-the-top-15-oil-producing-countries/">Statista</a>.

Russian oil exports drop to lowest in 7 months amid OPEC cuts and sanctions

Opening your social media has become an unintentional gamble in recent times. You either stumble upon an adorable video of someone’s pet, or get blasted with the most diabolical political opinion you’ve ever had the misfortune of witnessing. However, such apps have also fuelled a sort of food revolution among the masses recently, with more and more people looking out for <keyword id="21712333" type="General" weightage="20" keywordseo="healthier-food-alternatives" source="keywords">healthier food alternatives</keyword> to supplement their main meals and guilty snacking habits. While this is undoubtedly a great step considering how much of our health hinges on our food intake, one question has been increasingly puzzling everyone out of their minds: what exactly is healthy anymore? To get to the bottom of the matter, we looked at the latest <keyword id="21712334" type="General" weightage="20" keywordseo="Indian-dietary-guidelines" source="keywords">Indian dietary guidelines</keyword> released by the Indian Council of Medical Research (<keyword id="19918794" type="General" weightage="20" keywordseo="ICMR" source="keywords">ICMR</keyword>), and our findings left the office erupting in groans. According to the medical board, some examples of <keyword id="21712332" type="General" weightage="100" keywordseo="ultra-processed-food" source="keywords">ultra-processed food</keyword> include commercially produced <keyword id="93269" type="General" weightage="20" keywordseo="bread" source="Orion">bread</keyword>, breakfast cereals and even other staples such as refined flour and <keyword id="6446947" type="General" weightage="20" keywordseo="butter" source="Orion">butter</keyword>. <cmsannotation type="cmsannotation" annotationid="What counts as &quot;ultra-processed&quot;?" comment="subhead" text="What counts as &quot;ultra-processed&quot;?">What counts as "ultra-processed"?</cmsannotation> Before you throw your snack out the window, let’s understand what “ultra-processed” means. Considering that we don't live in a utopia where we can just head out and bite the stalks off a wheat plant for sustenance, most of the food we consume has to undergo some processing to make them suitable for consumption. Thus, grains are grinded into flour, fruits may have to be refrigerated and milk pasteurised — all forms of processing that make these healthy food items ready to eat. However, in the pursuit to improve taste, appearance or shelf-life, many companies subject their food products to extensive industrial processing by integrating a concerning amounts of additives such as preservatives, sweeteners, colourings, flavourings, emulsifiers, and other substances that would not typically find in an everyday kitchen. These are massive no-nos, as far as the ICMR is concerned. <cmsannotation type="cmsannotation" annotationid="Heart attack, stroke, obesity" comment="subhead" text="Heart attack, stroke, obesity">Heart attack, stroke, obesity</cmsannotation> These ultra-processed foods (UPFs) also tend to be excessively high in fats and unusually low in fibres and essential <keyword id="19896135" type="General" weightage="20" keywordseo="nutrients" source="keywords">nutrients</keyword>. Studies have shown that a diet that is rich in such items can lead to obesity, hasten ageing, and are associated with a higher risk of heart attack, strokes, diabetes and poorer overall health. Perhaps the worst problem with them is that such foods are typically very cheap and easily accessible, leading them to be a popular choice for the masses. Further, enriching UPFs with nutrients still does nothing to make them wholesome or healthy. The ICMR advises against overconsumption of “level C” foods, which means that these edibles are high in sugars and salts and/or have been subjected to extensive techniques that break down nutrients such as vitamins, minerals and fibre in them. Such processes include over-refining of flours, juicing of fruits, subjecting the food items to high temperatures and pressures, and canning and preservation. <cmsannotation type="cmsannotation" annotationid="List of foods classified as ultra-processed" comment="subhead" text="List of foods classified as ultra-processed">List of foods classified as ultra-processed</cmsannotation> According to the ICMR, Group C food items include commercially produced bread, breakfast cereals, cakes, chips, biscuits, fries, jams, sauces, mayonnaise, commercially produced ice cream, protein packs powders, peanut butter, soy chunks, tofu, frozen foods with additives, commercially produced cheese, butter, paneer with additives, meats, plant-based meats, refined flours of cereals, millets and legumes, energy drinks, health drinks added to milk, beverages and fruit juices. The group also includes many culinary ingredients such as cooking oils, refined sugars, salt and spices, since cosmetic food additives such as artificial colours and emulsifiers are often used in their processing. As social media drives a growing interest in healthier eating habits, it becomes crucial for consumers to discern and avoid these heavily processed items, favouring more natural and minimally processed alternatives to promote better overall health. However, moderation is perhaps the word of the year, and it would do well to learn about the stuff that goes inside our bodies, rather than live in fear of them. The full ICMR report can be accessed <a href="https://main.icmr.nic.in/sites/default/files/upload_documents/DGI_07th_May_2024_fin.pdf" data-type="tilCustomLink">here</a>.

Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction

<ul class="summary-list"><li>Indian oil refiners are turning to the yuan for some purchases of Russian crude, sources told Reuters.</li><li>The US dollar is typically used in international oil transactions.</li></ul>Indian refiners are starting to purchase Russian crude imports using the Chinese yuan, as Western sanctions continue to redefine global currency usage.Although India does not officially recognize the West's measures against Russia for its war on Ukraine, the fear of potential secondary sanctions has made Indian banks wary of using US greenbacks for Russian imports. In June, Indian Oil was the first state refiner to pay for Russian crude in yuan, while at least two of India's three private refiners have completed similar transactions, sources told <a href="https://finance.yahoo.com/news/exclusive-india-refiners-start-yuan-094550789.html" target="_blank" rel="noopener">Reuters</a>.Previously, India had requested banks to avoid the yuan's use in Russian transactions, due to the geopolitical friction New Delhi has maintains with Beijing. Whether this has changed is unclear, Reuters reported.Meanwhile, Bloomberg reported that two more state refiners, Bharat Petroleum and Hindustan Petroleum, are also considering the yuan's use, as a way to <a href="https://www.bloomberg.com/news/articles/2023-07-03/india-state-refiners-consider-paying-in-yuan-for-russian-crude?srnd=markets-vp">widen currency alternatives</a>.The US dollar is typically used in international oil transactions. In India, most payments are in dollars and United Arab Emirates dirhams. But fears of currency risks have prompted importers to seek other options, sources told Bloomberg.Indian efforts to allow the rupee to be used for oil purchases have largely been futile, with Moscow <a href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">unable to convert</a> the large rupee stockpile it currently sits on. Meanwhile, the curtailment of Moscow's energy exports to the West rerouted them to new markets at discounted prices, benefitting countries such as India and China. In fact, Russian imports into India jumped for a 10th straight month in June, hitting a record 2.2 million barrels a day, according to Kpler.The increased adoption of the yuan is good news for Beijing, which has been actively pushing for the currency's role in cross-border trade agreements, in a gradual effort to unseat the dollar. The yuan has also brought some relief to Russia, which relies on the currency to <a href="https://www.yahoo.com/entertainment/russia-using-chinese-yuan-around-051945912.html" target="_blank" rel="noopener">circumvent Western measures</a>. While a large part of China's own <a href="https://www.businessinsider.com/dedollariztion-china-yuan-russia-oil-imports-sanctions-2023-5">energy trade with Russia</a> has been yuan-denominated, last month also saw <a href="https://www.reuters.com/markets/commodities/pakistans-russian-crude-shipment-paid-chinese-currency-minister-2023-06-12/" target="_blank" rel="noopener">Pakistan pay</a> for Moscow crude in the currency.

Indian oil refiners are using China's yuan instead of the US dollar to buy Russian crude

<ul class="summary-list"><li>Refiners in India are reportedly cooling to the prospect of long-term deals with Russian oil firms, Bloomberg reported. </li><li>Three Indian refiners were in talks to receive 500,000 barrels a day from Rosneft. </li></ul>Top oil refiners in India are reportedly backing away from long-term contracts for crude oil from Russian suppliers amid intensifying US sanctions.<a href="https://www.bloomberg.com/news/articles/2024-03-06/india-cautious-on-contracted-russian-oil-as-us-sanctions-bite?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg reported</a> that three of India's state-owned oil refiners had been in talks with Russian energy giant Rosneft to lock in 500,000 barrels a day, about equivalent to one-third of India's daily imports.The report from Bloomberg said India's largest state-owned refiner, Indian Oil, is considering slashing crude supply from Russia under its long-standing term supply, while two other big firms, Bharat Petroleum and Hindustan Petroleum, have not committed to long-term contracts with Russian suppliers. Contracted deals would reduce dependence on one-off purchases, which are more expensive, Bloomberg said. The move away from long-term deals for Russian crude comes as sanctions from the West crack down on Russia's oil trade, with India buying more from other nations like Saudi Arabia in February. Though Russia is still the country's biggest supplier of crude oil, Indian refiners are increasingly turning to <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1?_gl=1*1vds571*_ga*MTIzMDA5Njk4OS4xNzA3ODc2NDgz*_ga_E21CV80ZCZ*MTcwOTczMzcyNC4xMTMuMS4xNzA5NzMzNzcxLjEzLjAuMA..">Middle Eastern nations like Iraq, the UAE, and Saudi Arabia</a>. The shift dragged the country's Russian oil imports to the lowest level last month since January 2023. Sources told Bloomberg that in the upcoming fiscal year starting April 1, state refiners plan to meet 40% of their crude needs through spot deals, indicating a large volume of Russian oil will still flow to India.

Indian oil firms are reportedly backing away from long-term deals for Russian oil amid tough sanctions

<ul><li>Participants were given a food frequency questionnaire for dietary assessments to evaluate dietary behaviours. </li><li>Eating <keyword id="1641092" type="General" weightage="20" keywordseo="refined-grains" source="Orion">refined grains</keyword> was associated with increased risk of premature <keyword id="22908" type="General" weightage="20" keywordseo="heart-disease" source="Orion">heart disease</keyword>. </li><li>Whole grain intake was inversely related to reduced risk of <keyword id="15149869" type="General" weightage="80" keywordseo="pcad" source="Orion">PCAD</keyword>.</li></ul>Higher intake of refined grain may increase the risk of premature coronary artery disease (PCAD), finds a new study. The findings indicate that eating refined grains was associated with increased risk of premature heart disease and <keyword id="32029" type="General" weightage="20" keywordseo="whole-grains" source="Orion">whole grains</keyword> consumption with reduced risk. "A diet that includes consuming a high amount of unhealthy and refined grains can be considered similar to consuming a diet containing a lot of unhealthy sugars and oils," said author Mohammad Amin Khajavi Gaskarei from Isfahan University of Medical Sciences. For the study, to be presented at the <keyword id="131991" type="General" weightage="50" keywordseo="american-college-of-cardiology" source="Orion">American College of Cardiology</keyword> (<keyword id="6374289" type="General" weightage="50" keywordseo="acc" source="Orion">ACC</keyword>) Middle East 2022 Together with the 13th Emirates Cardiac Society Congress, taking place in Dubai, UAE, October 7-9, 2022, the team involved 2,099 people with PCAD from hospitals with catheterization labs in different cities and ethnicities throughout Iran who underwent coronary angiography. In total, 1,168 patients with normal coronary arteries were included in the control group, while 1,369 patients with <keyword id="52599" type="General" weightage="50" keywordseo="cad" source="Orion">CAD</keyword> with obstruction equal or above 75 per cent in at least a single coronary artery. Participants were given a food frequency questionnaire for dietary assessments to evaluate dietary behaviours and evaluate the association between whole grain and refined grain intake and the risk of PCAD in individuals without a prior diagnoses of heart disease. After adjusting for confounders, a higher intake of refined grains was associated with an increased risk of PCAD, while whole grain intake was inversely related to reduced risk of PCAD. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/made-in-india-lightweight-combat-helicopter/articleshow/94613836.cms">Here’s everything you need to know about the made-in-India lightweight combat helicopter</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mumbai-tops-real-estate-sales-and-new-launches-in-september-quarter/articleshow/94613731.cms">Mumbai tops real estate sales and new launches in September quarter</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-corporate-credit-quality-remains-strong-in-h1-of-fy23-crisil/articleshow/94613479.cms">Indian corporate credit quality remains strong in H1 of FY23: CRISIL</a>

Consuming refined grains is as bad as a diet with unhealthy sugars, oils says new study

<keyword id="44822" type="General" weightage="100" keywordseo="Coconut" source="Orion">Coconut</keyword>, with its rich taste and versatile nature, has long been cherished in various culinary traditions worldwide. From the tropics to global kitchens, coconut's unique flavor and nutritional benefits make it a beloved ingredient. In this article, we'll explore everything you need to know about coconut, from its nutritional value and health benefits to its diverse culinary uses and precautions. What is Coconut? Coconut is the fruit of the <keyword id="4670854" type="General" weightage="20" keywordseo="coconut-palm" source="Orion">coconut palm</keyword> (Cocos nucifera) and is known for its distinctive flavor and versatility. It consists of a hard, brown outer shell enclosing white flesh and a refreshing liquid called <keyword id="68402" type="General" weightage="20" keywordseo="coconut-water" source="Orion">coconut water</keyword>. <keyword id="16761961" type="General" weightage="20" keywordseo="coconut-flesh" source="Orion">Coconut flesh</keyword> can be enjoyed fresh, dried, or processed into various forms like <keyword id="21036388" type="General" weightage="20" keywordseo="shredded-coconut" source="Orion">shredded coconut</keyword>, <keyword id="889677" type="General" weightage="20" keywordseo="coconut-milk" source="Orion">coconut milk</keyword>, and <keyword id="6359798" type="General" weightage="20" keywordseo="coconut-oil" source="Orion">coconut oil</keyword>. Nutritional Value Coconut is a nutritional powerhouse, rich in healthy fats, fiber, vitamins, and minerals. The flesh is high in medium-chain triglycerides (MCTs), a type of fat that is easily digested and may provide quick energy. Coconut also contains essential nutrients such as manganese, copper, and iron, contributing to overall health and well-being. Health Benefits Coconut offers numerous health benefits, thanks to its nutrient-rich composition. The MCTs in coconut may support weight management, boost heart health, and improve brain function. Additionally, coconut contains antioxidants that help combat oxidative stress and inflammation in the body. Culinary Uses Coconut is a versatile ingredient used in a wide range of culinary creations. Coconut milk and <keyword id="2019194" type="General" weightage="20" keywordseo="coconut-cream" source="Orion">coconut cream</keyword> are popular additions to curries, soups, and desserts, lending creaminess and richness to dishes. Shredded coconut adds texture and flavor to baked goods, granolas, and trail mixes. Coconut oil is valued for its high smoke point and can be used in cooking, baking, and frying. Types of <keyword id="3262025" type="General" weightage="20" keywordseo="coconut-products" source="Orion">Coconut Products</keyword> Coconut products come in various forms, each offering unique flavors and textures. Fresh coconut flesh is enjoyed as a snack or incorporated into dishes. Desiccated coconut, coconut milk, and coconut cream are commonly used in cooking and baking. Coconut oil is available in refined and unrefined forms, with each offering different culinary applications. How to Buy and Store Coconut Products When purchasing coconut products, look for high-quality options free from additives or preservatives. Fresh coconuts should feel heavy for their size and have no mold or cracks on the shell. Store fresh coconut in the refrigerator for up to a few days, while packaged coconut products can be stored in a cool, dry place or the refrigerator as per package instructions. Precautions and Potential Side Effects While coconut is generally safe for most people, individuals with allergies should exercise caution, especially with coconut-derived products. Additionally, coconut products are calorie-dense, so moderation is key, particularly for those watching their calorie intake or managing weight. <cmsannotation type="cmsannotation" annotationid="Frequently Asked Questions" comment="subhead" text="Frequently Asked Questions">Frequently Asked Questions</cmsannotation> Can coconut oil be used for cooking at high temperatures? Yes, coconut oil has a high smoke point, making it suitable for cooking methods like frying and roasting. Is coconut water hydrating? Yes, coconut water is naturally hydrating and contains electrolytes like potassium, making it a refreshing beverage choice. How can I incorporate coconut into my diet? You can add shredded coconut to baked goods, smoothies, or oatmeal, use coconut milk in curries and soups, or enjoy fresh coconut flesh as a snack. Are coconut products suitable for vegan and dairy-free diets? Yes, coconut products like coconut milk, coconut cream, and coconut oil are popular alternatives for those following vegan or dairy-free lifestyles. Can coconut help with digestion? Coconut contains fiber, which supports digestive health by promoting regularity and preventing constipation. Coconut is a versatile and nutritious ingredient that adds flavor and texture to a wide range of culinary creations. Whether enjoyed fresh, dried, or in processed forms, coconut offers a host of health benefits and culinary possibilities. By incorporating coconut into your diet in moderation and exploring its various culinary uses, you can savor its delicious flavor while reaping its nutritional rewards. Embrace the tropical allure of coconut and let its culinary magic inspire your culinary adventures. Note: The article is based on content generated by AI models like Bard and Chatgpt.

Coconut: A Flavorful and Nutritious Ingredient for Culinary Delights

<ul class="summary-list"><li>Ukraine's Liutyi drones are behind 80% of strikes on Russian oil refineries, according to a report.</li><li>Developed without state backing, the Liutyi drone had a challenging start in 2023.</li></ul>A Ukrainian-developed long-range drone is responsible for the vast majority of the country's successful strikes on Russian oil refineries, according to a new report.The Liutyi drone was developed as Ukraine's answer to the inexpensive but deadly <a target="_blank" href="https://www.businessinsider.com/ukraine-air-force-shot-down-iran-made-shahed-136-drones-2023-9">Shahed exploding drone</a>, which Russia has launched in waves against Ukrainian military and civilian infrastructure, <a target="_blank" href="https://www.pravda.com.ua/articles/2024/05/13/7455462/">Ukrainska Pravda reported</a>.According to the outlet, it's believed to be behind 80% of all successful drone attacks on Russian soil, many of them hundreds of miles inside Russia's borders.The Liutyi had an inauspicious start.Developed without Ukrainian state backing, its large and cumbersome design was offputting to lawmakers. "To be honest, nobody really believed in this drone," an unnamed MP on Ukraine's defense committee told Ukrainska Pravda.During one of its early trials in April 2023, operators briefly lost control of one of the drones, which almost struck the control center it was launched from, <a target="_blank" href="https://www.pravda.com.ua/eng/news/2024/05/13/7455509/">the outlet reported</a>.But by the start of this year, Ukraine had begun a <a target="_blank" href="https://www.businessinsider.com/ukraine-drone-strikes-are-doing-massive-damage-to-russia-oil-sector-2024-4">concerted campaign of regular cross-border drone strikes,</a> focused primarily on Russia's oil refineries.The Liutyi appears to have been a key part of this.According to the report, the Liutyi can travel up to 600 miles, has a wingspan of 22 feet, and can carry a 50kg explosive payload.Other drones <a target="_blank" href="https://www.businessinsider.com/ukraine-says-struck-oil-refinery-930-miles-into-russia-drone-2024-5">have struck farther away,</a> but it seems that Ukraine's campaign of strikes on Russian oil facilities is being primarily led by the Lyutyi.Despite concerns from its allies that the strikes could destabilize global oil partners and provoke Russia, Ukraine has kept up a steady barrage — and the effects appear to be bearing fruit.In February, Russia <a target="_blank" rel=" nofollow" href="https://www.aljazeera.com/news/2024/2/27/russia-to-ban-gasoline-exports-for-six-months">announced</a> a six-month gasoline export ban. <a target="_blank" rel=" nofollow" href="https://www.politico.eu/article/united-states-warnings-ukraine-strikes-two-fuel-depots-russia/">Ukraine has claimed</a> that its attacks have reduced Russian oil production and processing by 12%.The tactic of targeting oil refineries rather than crude oil production forces Russia to put more crude oil onto the market, experts wrote in Foreign Affairs <a target="_blank" href="https://www.foreignaffairs.com/ukraine/why-ukraine-should-keep-striking-russian-oil-refineries">this month</a>, which they said had the effect of raising the price of refined oil products domestically, while not leading to a surge in global oil prices.

You Searched For "oil refining" and got 12 results

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Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction

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Indian oil refiners are using China's yuan instead of the US dollar to buy Russian crude

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Indian oil firms are reportedly backing away from long-term deals for Russian oil amid tough sanctions

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Consuming refined grains is as bad as a diet with unhealthy sugars, oils says new study

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Coconut: A Flavorful and Nutritious Ingredient for Culinary Delights

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One type of Ukrainian drone is responsible for 80% of successful strikes on Russian oil refineries: report

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