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Good morning from the Financial Times. Today is Wednesday, June 5th, and this is your

F-T-Nees briefing. A little bit of cold water is being thrown on Norendramodi's historic victory,

and Russia's Gazprom is in pretty rough shape.

Plus the oil cartel OPEC is making changes to how it approaches the market, but can it still hang on to the dominance

it once had?

They're recognizing that they no longer be to achieve $100 a barrel, but they're not going away

and they're going to continue to actively manage the market

for as long as they can.

I'm Mark Filipino, and here's the news you need to start a day. GAS Prom has taken a huge beating from Western sanctions.

It'll probably take at least a decade from now to recover the gas sales that it's losing during the war with Ukraine.

That's according to a report that the Russian State Oil Company recently commissioned.

Gas Prom has been particularly hard hit compared with other Russian energy companies because it can't produce a lot of liquefied natural gas

LNG hasn't been affected as much by Western sanctions

Analysts told the FT that Gazprom executives will probably use this report to ask for more money from the Russian government,

but they're probably not going to get it. India's Prime Minister Norengra Modi is expected to win a third term in office, but not with as big of a margin as expected.

And it looks like his ruling party, the B.J.P. will lose its majority. Investors on the Indian stock market were not

thrilled with the development. Exit polls had Modi winning by a landslide.

The FT's John Reed joins me now to talk about the election.

Hi, John.

Hi, Mark.

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