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A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Russia's share in India's oil purchases rose to a record 6%, about 277,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position, according to the data, which was supplied by trade sources.

Responding to a Twitter user, Tesla CEO Elon Musk, said that Tesla will not put up a manufacturing unit in any location unless it is allowed to sell and service cars first. But the Indian govt. hasn't stopped the company from selling fully imported cars in India.

Hit hard by rising oil prices, India has expedited efforts to boost local output of oil and a transition to alternative fuels to cut its import bill. The source said India has been mixing about 10.5% ethanol with gasoline for the last three months.

Crude oil imports increased by about 9.7% from March and were up about 14.3% from a year earlier at 20.87 million tonnes, the highest since October 2018, according to Petroleum Planning and Analysis Cell data on Friday.

State monopoly Nepal Oil Corporation (NOC) said in a statement that the price for one litre of petrol was raised 5.8% to 180 Nepali rupees ($1.45) from 170 rupees a week earlier.

Iraq's federal court has deemed an oil and gas law regulating the oil industry in Iraqi Kurdistan unconstitutional and demanded that Kurdish authorities hand over their crude supplies.

Norwegian firms Telenor, Aker ASA and Cognite say a new software security company they plan to launch this year will help companies protect their industrial assets from an increased cyber attack risk since Russia's invasion of Ukraine.