Auto Industry News

Oil India Ltd is expecting a "healthy profit" for the quarter ending Sept. 30 despite a levy of windfall tax on crude sales, Harish Madhav, head of finance at India's state-run oil producer, said.

Oil prices fell $2 a barrel, settling at nine-month lows in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia.

Colombia's government agreed to modify a tax reform proposal under debate in congress and continue to allow oil and mining companies to deduct royalty payments from their taxes in the wake of a wave of industry criticism.

India's Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said.

Members of a Nigerian oil workers' union are threatening to go on strike if the government does not do more to stem widespread oil theft they say is putting their safety at risk and has cut exports by hundreds of thousands of barrels.

The Indian rupee hit a more than one-week high against the U.S. currency, as the dollar index fell further from a two-decade high scaled earlier this week.

The government of Ecuador and indigenous leaders signed a deal to declare a temporary development moratorium on 15 oil blocks and suspend new mining contracts until a law about prior community consultations is in place.

India's second-biggest private refiner Nayara Energy, part-owned by Russian oil major Rosneft, has appointed Prasad K. Panicker as chairman, replacing Tony Fountain, the company said in a statement.