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The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. Brent crude futures, the global oil benchmark, rose 0.99 per cent to <keyword id="54123" type="General" weightage="100" keywordseo="usd" source="Orion">USD</keyword> 78.61 per barrel. Despite the greenback's weakness elsewhere, the rupee did not strengthen on dollar persistent bids throughout the session. The local unit has been extremely range bound of late, IFA Global Research Academy said in a research note. "We expect the rupee to trade in a 82.60-82.90 range with sideways price action," it added. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="50" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 162.86 points or 0.27 per cent higher at 60,820.31. The broader NSE Nifty rose 60.20 points or 0.33 per cent to 18,103.15. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim</a> <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms">December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth</a>

Rupee gains 9 paise to 82.73/USD as crude prices ease

Despite Delhi High Court's order to restrain from making defamatory statements against the company and its executives amid the ongoing Rs 88.6 crore fraud case, former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Monday took a serious dig at CEO <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, saying the CEO allegedly spent money on personal expenditures that he raised, but is unable to help the fintech firm grow. In a tweet, <keyword id="3433" type="General" weightage="80" keywordseo="grover" source="Orion">Grover</keyword> alleged that Sameer allegedly spent money raised by him to travel to Australia for the recently-concluded T20 World Cup. "Suhail (CEO) -- bahut aish kar li <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> ke raised funds pe. Ladkiya bhi ghuma li Australia. Par hai to hum nalle - hiring, product, tech, UNITY bank, PA license, mkt share -- kuchh nahi hil raha humse. Kya karenge? (Had a gala time with money Ashneer raised in Australia but I am unable to help the company on the hiring, product, tech UNITY Bank, payment aggregator (PA) license and market share fronts, what to do?)", tweeted Grover. Grover then targeted <keyword id="218116" type="General" weightage="50" keywordseo="sumeet-singh" source="Orion">Sumeet Singh</keyword>, a partner with Shardul Amarchand Mangaldas who joined BharatPe as its general counsel (GC) last year. "Sumeet (GC): Case karenge ! case karenge ! Case karenge ! (But Sumeet went ahead to file case (against me)," Grover further posted. The Delhi Hight Court last week issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In April this year, Grover had threatened legal action against CEO Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar. Grover last week attacked the fintech platform's co-founder Shashvat Nakrani, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He also alleged that his book "Doglapan" created panic among BharatPe executives and this is the reason the fintech company had apparently filed cases against him. SEE ALSO: <a href="https://www.businessinsider.in/business/news/bharatpe-filed-cases-because-my-book-doglapan-created-panic-ashneer-grover/articleshow/96132598.cms">BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover</a> <a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms">Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals</a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a>

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

Fintech platform <keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Wednesday said it has appointed former SBI <keyword id="14627699" type="General" weightage="50" keywordseo="card-cfo" source="Orion">Card CFO</keyword> <keyword id="13810597" type="General" weightage="50" keywordseo="nalin-negi" source="Orion">Nalin Negi</keyword> as its new chief financial officer, as it prepares for its initial public offering (IPO). In his new role, <keyword id="4151" type="General" weightage="80" keywordseo="negi" source="Orion">Negi</keyword> will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe and work closely with the <keyword id="14627700" type="General" weightage="50" keywordseo="board-of-bharatpe" source="Orion">Board of BharatPe</keyword>, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer. BharatPe closed the first quarter of FY23 with over Rs 3,600 crore in total loans facilitated and $18 billion in annualised TPV in payments. "The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch," said Negi, who will lead the financial readiness of the company as it prepares for the IPO. In April, the company announced the appointment of <keyword id="10012165" type="General" weightage="50" keywordseo="smriti-handa" source="Orion">Smriti Handa</keyword> as the Chief Human Resources Officer. The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments. The company has seen several high-profile exits in recent months, including <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-unveils-a-new-lineup-of-laptops-featuring-zenbook-14-flip-oled-and-vivobook-s14-at-starting-price-of-49990/articleshow/93322315.cms">ASUS unveils a new lineup of laptops featuring Zenbook 14 Flip OLED and Vivobook S14 at a starting price of ₹49,990</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-capitals-net-profit-jumps-42-to-429-crore/articleshow/93322293.cms">Aditya Birla Capital's net profit jumps 42% to ₹429 crore</a>

IPO-bound BharatPe appoints new CFO amid high-profile exits

Leaving the <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> controversy behind, fintech platform <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23. This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter. "Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe. "We are on an incredible growth journey, driven by a huge shift in behaviour towards digital payment modes, rise of <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> and the increased acceptance of new-age fintech products," he added. The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. Additionally, BharatPe's other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30 per cent) compared to the last quarter. "We are on track to achieve our target of $2 billion in loans facilitated (through our NBFC/bank partners) across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023," said Sameer. The company saw its biggest-ever controversy starting earlier this year when its Co-founder and CEO <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> and his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword> siphoned off funds worth crores and were later sacked by the company.

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

Crisis capital for capital crisis

<ul><li><keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. </li><li>The cities, spread across India, include <keyword id="6730905" type="UNKNOWN" weightage="20" keywordseo="tier-1-cities">tier-1 cities</keyword> like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. </li><li>The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21.</li></ul><keyword id="9492517" type="UNKNOWN" weightage="20" keywordseo="merchant-payment">Merchant payment</keyword> company BharatPe has announced its aggressive expansion plans across tier-1, 2 and 3 cities in the country. The company, that is currently present in 35+ cities, plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. The cities, spread across India, include tier-1 cities like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21. The announcement is in line with the company’s commitment to become the preferred financial services partner for over 60 million SMEs (Small and Medium Enterprises) in India. The company will be rolling out it’s one-of-a-kind interoperable UPI QR with zero transaction fees, and it’s recently launched zero rental, zero fees card acceptance machine (BharatSwipe) in the new cities. Additionally, BharatPe would be offering attractive collateral-free loans of upto Rs 7 lakhs at competitive interest rates to merchants, with the objective of helping them grow their business. BharatPe will offer its hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. Speaking on the expansion, <keyword id="4534514" type="PERSON" weightage="20" keywordseo="Suhail-Sameer">Suhail Sameer</keyword>, Group President, BharatPe, said, “The pandemic has fuelled exponential growth of digital payments industry in the country as a large number of customers are opting for cashless payments. We have seen our business grow manifold over the last few months. Our payments vertical has recorded consistent double digit growth on a month-on- month basis. Also, our lending vertical has scaled very well and we are on track to disburse loans of Rs 1000 crores by the end of the year.” Added Suhail, “We are committed to create a well-rounded financial ecosystem for SMEs with our variety of products including payments, loans, gold and insurance. This decision to double our footprint in the country is in line with this. We have handpicked cities that are either business hubs or emerging commercial centres, for this phase of expansion. We look forward to enabling millions of more businesses in the new cities we are venturing in.” BharatPe will be rolling out its range of financial services for merchants, across all the new cities. These include Amritsar, Kota, Guntur, Kakinada, Rajmundri, Jodhpur, Coimbatore, Madurai, Nagpur, Kochi, Trichy, Raipur, Trivandrum, Bilaspur, Durg Bhilai, Gwalior, Jabalpur, Kolkata, Patna, Ranchi, Bhubaneswar, Guwahati, Jamshedpur, Chennai, Agra, Allahabad, Aurangabad, Dehradun, Patiala, Rohtak, Silchar, Agartala, Shillong and Varanasi.

BharatPe to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY21

<ul class="summary-list"><li>More releases from the US Strategic Petroleum Reserve aren't a threat to the global market, the UAE's energy minister says. </li><li>Suhail Al Mazrouei told Bloomberg that the UAE is focused on ensuring market balance. </li></ul>More oil releases from the US Strategic Petroleum Reserve isn't a concern for producers in the United Arab Emirates. That's according to the UAE's energy minister Suhail Al Mazrouei, who told Bloomberg TV on Tuesday that more US oil entering the market from the SPR isn't a long-term solution to keep prices lower for the Biden administration. "I don't think that it's a tool that can be used always," Al Mazrouei said. "There is a limitation to how much you can release from the SPR, and I think that is meant for the US market primarily."He added that while the US is indeed a major player in the health of the global oil market and factors into OPEC+ decisions, it's not surprising that more SPR flows could come. "We have seen it before, [and] I don't think it's going to rock the boat," Al Mazrouei said. Both Brent and West Texas Intermediate crude oil prices were lower on Tuesday after the US Department of Energy announced plans to sell 26 million barrels from the SPR. The Biden administration sold a staggering 180 million barrels from the SPR in 2022, and the reserve is at its lowest level since 1983. Al Mazrouei maintained that OPEC's focus remains on ensuring the oil market remains balanced, and declined to comment on whether or not another SPR release is necessary. He also said that more US oil on the market isn't likely to tip the balance of the global market in any direction. "I don't think anyone can put a floor or a [ceiling] on the prices - the prices are a result of the balance, and we are in the business of the balance," Al Mazrouei said.

More oil releases from the US Strategic Petroleum Reserve won't 'rock the boat', says UAE's energy minister

<ul class="summary-list"><li>An Asian MIT student was shocked when an AI tool turned her white for a professional headshot.</li><li>Rona Wang said she had been put off using AI-image tools because they didn't create usable results.</li></ul>An MIT graduate was caught by surprise when she prompted an artificial intelligence image generator to create a professional headshot for her LinkedIn profile, and it instead changed her race.Rona Wang — a 24-year-old Asian American student who studied math and computer science, is completing a graduate program at MIT in the fall, and whose identity was verified by Insider — had been experimenting with the AI-image creator Playground AI. <a href="https://www.bostonglobe.com/2023/07/19/business/an-mit-student-asked-ai-make-her-headshot-more-professional-it-gave-her-lighter-skin-blue-eyes/" target="_blank" rel="noopener">The Boston Globe</a> was the first to report on the news.Wang <a href="https://twitter.com/ronawang/status/1679867848741765122?s=20" target="_blank" rel="noopener">tweeted images</a> of the results on July 14, saying: "Was trying to get a linkedin profile photo with AI editing &amp; this is what it gave me."In the first image, Wang appears to be wearing a red MIT sweatshirt that she uploaded into the image generator with the prompt: "Give the girl from the original photo a professional linkedin profile photo."The second image showed that the AI tool had altered her features to appear more Caucasian, with lighter skin and blue eyes."My initial reaction upon seeing the result was amusement," Wang told Insider. "However, I'm glad to see that this has catalyzed a larger conversation around AI bias and who is or isn't included in this new wave of technology."She added that "racial bias is a recurring issue in AI tools" and that the results had put her off them. "I haven't gotten any usable results from AI photo generators or editors yet, so I'll have to go without a new LinkedIn profile photo for now!"Wang told The Globe that she was worried about the consequences in a more serious situation, like if a company used AI to select the most "professional" candidate for the job and it picked white-looking people."I definitely think it's a problem," Wang said. "I hope people who are making software are aware of these biases and thinking about ways to mitigate them."Suhail Doshi, the founder of Playground AI, <a href="https://twitter.com/Suhail/status/1679903832049057792" target="_blank" rel="noopener">responded to Wang's post</a>: "The models aren't instructable like that so it'll pick any generic thing based on the prompt. Unfortunately, they're not smart enough."He added, "Fwiw, we're quite displeased with this and hope to solve it."A recent study by researchers from the AI firm Hugging Face found that AI image generators like DALL-E2 had an <a href="https://www.businessinsider.com/ai-art-generators-dalle-stable-diffusion-racial-gender-bias-ceo-2023-3?r=US&amp;IR=T">issue with gender and racial bias</a>.The study found that 97% of the images DALL-E2 produced when prompted to generate images of positions of power like "director" or "CEO" were of white men.The researchers said this was because the AI tool was trained on biased data that could amplify stereotypes.Playground AI and its founder didn't immediately respond to a request comment.

An Asian MIT student asked AI to turn an image of her into a professional headshot. It made her white, with lighter skin and blue eyes.

<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

<ul class="summary-list"><li>China's economy hasn't fully reopened from COVID lockdowns, meaning <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> are far from their peak, said the <keyword id="11894947" type="UNKNOWN" weightage="60" keywordseo="uae" source="Orion">UAE</keyword>'s <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> minister. </li><li>"With the pace of consumption we have, we are nowhere near the peak because China is not back yet," Suhail Al-Mazrouei said.</li></ul><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> prices still have more room to climb as China's economy hasn't yet fully reopened from lingering COVID policies, according to the <keyword id="12241007" type="UNKNOWN" weightage="60" keywordseo="opec" source="Orion">OPEC</keyword> member United Arab Emirates. China has already begun gradually loosening lockdowns, and state-run TV said Wednesday that those curbs would be eased further. Brent crude rose 1.2% to $122 a barrel."With the pace of consumption we have, we are nowhere near the peak because China is not back yet," UAE Energy Minister Suhail Al-Mazrouei said Wednesday at a conference in Jordan. "China will come with more consumption."As demand ramps up further, OPEC and its partners, known collectively as OPEC+, will not be able to provide enough supply unless there's more investment in production globally, he warned.While OPEC+ will boost output at a slightly faster pace this summer, the increase amounts to just 0.4% of global demand for July and August, according to Bloomberg, with the gap between demand and supply remaining wide. "We're lagging by almost 2.6 million barrels a day, and that's a lot," Al Mazrouei said. "The situation is not very encouraging when it comes to the quantities that we can bring."And should Russian supplies be taken completely off the market, oil prices could still surpass "unseen" levels, he added.Meanwhile, the Energy Information Administration said in its Tuesday report that <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s oil output could <a href="https://markets.businessinsider.com/news/commodities/russia-oil-production-decline-18-percent-2023-eu-ban-eia-2022-6">fall by almost one-fifth by the end of next year</a> once Europe imposes a proposed ban on imports in response to the war in Ukraine. That would mean a loss of about 2 million barrels per day in the global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>."The possibility that these sanctions or other potential future sanctions reduce Russia's oil production by more than expected creates upward risks for crude oil prices during the forecast period," the EIA said.

You Searched For "suhail" and got 10 results

Rupee gains 9 paise to 82.73/USD as crude prices ease

PTI

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

IANS

IPO-bound BharatPe appoints new CFO amid high-profile exits

IANS

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

IANS

Crisis capital for capital crisis

Business Insider India

BharatPe to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY21

BI India Partner

More oil releases from the US Strategic Petroleum Reserve won't 'rock the boat', says UAE's energy minister

Brian Evans

An Asian MIT student asked AI to turn an image of her into a professional headshot. It made her white, with lighter skin and blue eyes.

Sawdah Bhaimiya

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

Bhakti

Rounak

Oil prices are nowhere near their peak as Chinese demand hasn't fully returned yet, says top OPEC member

Phil Rosen

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