Auto Industry News

Oil prices settled slightly higher as a planned European Union ban on Russian oil and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand.

Long queues snaked around gas stations in Sri Lanka's commercial capital and its outskirts on Monday even though the island nation's government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis.

"We're not there yet," European Commission President Ursula von der Leyen said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes.

The NHTSA told Reuters the agency "is aware of the incident and has reached out to the manufacturer for information."

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

The proposed sanctions on oil imports is part of the European Union's sixth sanctions package on Russia over its invasion of Ukraine.

The plan aims to maximize green energy potential and save costs but will not involve shutting down old and expensive power plants.