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Russia Poised To Largely Skirt New G7 Oil Price Cap
Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap.
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Uber Looks To Boost Digital Ad Revenue With New Advertising Division
Uber has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers.
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Reliance Posts Flat Profit On Eeak Refining Margins, Export Tax
Reliance reported a flat profit for the second quarter, as export taxes on refined fuels and weak refining margins weighed down the dominant oil-to-chemical business.
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Spain Frontloads Subsidies For Electric Car Projects As VW Appears In Doubt
The Spanish government sought to work with Volkswagen after the German automaker reportedly threatened to pull out.
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Oil Near Flat, Inflation Worries Counter Potential Boost In China Demand
Oil prices were near flat during a choppy trading session on Thursday, as worries about inflation dampening demand for oil contended with news that China is considering easing COVID-19 quarantine measures for visitors.
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Tesla Seeks To Ease Demand Concerns Over Likely 2022 Delivery Target Miss
Chief Executive Elon Musk told analysts on a conference call there was excellent demand in the fourth quarter, addressing investors' concerns that buyers could be discouraged by the weak global economy and high prices for Tesla vehicles.
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China's CATL Slows Battery Investment Plan For U.S., Mexico - Report
The world's largest battery maker, which supplies one of every three electric vehicles, has been considering opening new plants in the United States and Mexico since earlier this year
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Automakers To Double Spending On EVs, Batteries To $1.2 Trillion By 2030
Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production
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Two Oil Wells Operated By Nigeria's Eroton On Fire -Oil Spills Agency
The National Oil Spills Detection and Response Agency (NOSDRA) said the fire broke out at two wells in Rivers state, in the Niger Delta. A boat suspected to have been engaging in theft of crude oil was burnt to ashes at the site.
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Oil Jumps More Than 3% Ahead Of OPEC+ Meeting On Supply Cuts
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, look set to cut output when they meet on Wednesday. The move would squeeze supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, a lack of investment and supply problems.
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France Taps Strategic Fuel Reserves As Refinery Strike Grinds On
Government spokesman Olivier Veran acknowledged "tensions" but said there was no shortage of fuel stocks at a national level. He urged consumers not to panic-buy petrol.
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OPEC+ Agrees Deep Oil Production Cuts, Biden Calls It Shortsighted
OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.
Read More →Oil Rises To 3-Week Highs As OPEC+ Agrees To Deep Cuts, U.S. Stockpiles Fall
Prices also rose on U.S. government data that showed crude and fuel inventories fell last week.
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India To Pitch For Global Biofuels Alliance At G20 - Report
India, also the world's third-biggest oil importer, ships in about 85% of its crude needs, but is gradually building capacity to increase its output of biofuels.
Read More →Tesla Flags Its Cars Not Ready To Be Approved As Fully Self-Driving This Year
Musk told a post-earnings call that all full self-driving users in North America will get an Autopilot feature at the end of the year, adding that while its cars are not ready to have no one behind the wheel, drivers would rarely have to touch the controls.
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India To Examine Russia Oil Price Cap; Its Refiners Line Up Dec Crude Buys
The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.
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Mercedes Signs Deal With Rock Tech Lithium To Push e-Vehicle Drive
Mercedes will receive on average 10,000 tons of battery-grade lithium hydroxide per year.
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Biden Awards $2.8 Billion To Boost U.S. Minerals Output For EV Batteries
The grants, which are going to projects across at least 12 states, mark the latest push by the Biden administration to help reduce the country's dependence on China and other nations for the building blocks of the green energy revolution.
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Automakers Need More Time To Meet U.S. Minerals Requirements For EVs - Execs
The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026.
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Tesla Investors To Focus On Demand Issues In Earnings Report
Decades-high inflation, rising energy bills in Europe and signs of a weakening China market have raised doubts among some analysts about whether Tesla can buck an economic slowdown and continue to raise prices without hurting its sales.
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