Auto Industry News

World stocks were heading for their first weekly gain in eight weeks on Friday on a more upbeat earnings view.

Car sales in the world's largest auto market have slowed dramatically, gamers are buying fewer consoles, and people are unwilling to replace their existing smartphones, laptops and TVs, as prolonged COVID curbs crimp spending power and put more people out of jobs.

India has mandated state-run GAIL (India) Ltd to import gas and buy from local difficult fields to meet growing demand growth from household and transport sectors as cheaper supplies.

Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.

South Korea's third largest refiner, S-Oil Corp, has suspended production of several processing units after a blast at its Onsan refinery.

Among the 27 EU member states, Hungary is the most vocal critic of the planned embargo on Russian oil.

India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable

Diesel supply has become a global concern since sanctions against Russia reshaped fuel trade and sent international inventories to historic lows.