Auto Industry News

Soitec and STMicroelectronics are deepening their cooperation over the manufacturing of a key and fast-growing material used in the electric car industry.

The Biden administration broke its silence on European Union deliberations over a $65-70 per barrel Russian oil price cap, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.

Oil prices settled up by over $2 per barrel on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.

The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change.

Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine.

India will continue buying Russian oil and even look for term contracts as sanctions allow purchases provided that Western services are not used.

Reliance Industries is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports.

Essar Group plans to set up a Rs. 40,000 cr. petrochemical complex in the eastern state of Odisha in a tie-up with a global player.