Auto Industry News

The European Union ban on imports of Russia's seaborne oil from Dec. 5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

Aramco and ADNOC joined a consortium of Indian state-run firms in 2018 to set up a 1.2 million barrels-per-day coastal refinery and petrochemical plant in western Maharashtra, seeking a reliable outlet for their oil.

Moscow has repeatedly said it will not sell oil to countries that comply with the cap

Japan will ask the United States to be more flexible on EV purchase incentives for non-American carmakers.

Japan-based Envision Automotive Energy Supply Corporation (AESC) is also in talks with automakers in Japan, Europe, the United States and China for new supply deals, its chief executive Shoichi Matsumoto told Reuters.

The talks come as auto manufacturers from Stuttgart to Seoul have been angered by Biden's $430 billion "Inflation Reduction Act", enacted in August and aimed at rolling back climate change and making Washington a world leader in the EV market.

Oil prices briefly erased some losses after officials said the U.S. Energy Department will repurchase 3 million barrels of domestic crude oil for the Strategic Petroleum Reserve.

The automobile industry is pouring more than $1 trillion into a revolutionary shift from combustion engines to electric vehicles guided by software.