Auto Industry News

According to ET’s latest news report, Ola Chief Executive Bhavish Aggarwal recently organised a meeting with top Uber executives in San Francisco, United States.

Oil prices slid about 2% to a 12-week low in volatile trade, extending the prior session's heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.

India has imposed windfall tax on oil producers and refiners who have boosted product exports to gain from higher overseas margins as the government seeks to increase local supply of fuels to meet rising demand and increase federal revenues.

India cranked up Russian oil imports by 4.7 times in April - may, or by more than 400,000 barrels per day (bpd), year-on-year, thanks to a price discount.

Oil prices fell more than $3 a barrel on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions.

Two Libyan tribal figures involved in a blockade of oil exports that has reduced output by 850,000 barrels per day said they expect the government-installed National Oil Corporation chief to announce the blockade's end imminently.

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