India’s oil minister says ‘we play by the rules,’ as markets weigh U.S. energy sanctions
India will cooperate with international sanctions, the country’s oil minister told CNBC on Tuesday, as markets eye future U.S. policy under the new administration of President Donald Trump.
“We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it or anything,” India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC’s Sri Jegarajah on the sidelines of the annual India Energy Week conference.
“On Russia, yes, there was a price cap, and we adhered strictly to the price cap. Going forward, if there are issues, we will address them.”
India’s refiners have been snapping up discounted Russian oil since Western and G7 energy sanctions barred many consumers from Moscow’s supplies, in an effort to whittle down Russia’s war coffers after its invasion of Ukraine. Countries not subject to the measures have been able to use insurance and shipping providers to facilitate the acquisition and transport of Russian crude procured under a price threshold.
New Delhi has repeatedly defended its purchases as a matter of national interest.
“There is no sanctioned country, first of all. It’s a lot of misrepresentation that’s taking place. Today, Europe still buys 25% of its gas from Russia. They buy other critical energy from there. So there’s no sanction,” the energy minister said Tuesday.
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He also signaled that the government of Trump’s predecessor, President Joe Biden, had endorsed India’s bolstered intake of Russian oil.
“I’ve had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that’s what we did,” Puri said. CNBC has reached out to the U.S. State Department for comment.
India met about 88% of its oil needs via imports between April and November 2024, little changed from a year earlier, official data showed. As of January, about 40% of those imports came from Russia, data from trade intelligence firm Kpler suggests.
In 2021, Russian oil accounted for just 12% of the country’s oil imports by volume. By 2024, that share had surged to over 37%, according to Kpler data.
Sanctions in focus
The U.S. has been key in shaping global energy policy through sanctions over the past decade. In January, the U.S. imposed sweeping measures targeting Russia’s energy firms and the operators of vessels transporting oil — a move that analysts believe will make it harder for buyers like India to continue importing cheap Russian crude.
Investors have been waiting to see whether the newly installed Trump will pursue a ramp-up or relaxation of U.S. energy restrictions — critical to markets because the U.S. dollar denominates crude and oil product commodities.
Trump imposed sanctions affecting the Iranian and Venezuelan energy sectors during his first mandate and has taken an “America First” approach that could further incentivize domestic output — amid questions over the impact that threatened U.S. tariffs could have on global supply elsewhere.
Puri signaled his country would not be adverse to additional acquisitions of U.S. volumes. “If Americans are putting in more energy onto the global market, somebody asked me: ‘Are you going to buy more? I said: ‘I’d be surprised if we don’t.’ Because it’s in the natural flow,” he added.
The sanctions and trade developments are coinciding with a period when India’s oil consumption growth has outpaced that of China, contributing to 25% of the global increase in oil consumption.
“I am convinced that geopolitical tensions need to be managed,” Puri said Tuesday, noting current characterizations of supply-demand fundamentals in the oil market are “depending on whom you’re talking to and depending on where they stand on the equation,” as producers or consumers.
“A country like India, with a robust demand and a current consumption of 5.5 million barrels [per day] has a contribution to make in terms of which way the market goes. And we… we plan to use that leverage,” the oil minister added.
Environment
Rivian (RIVN) to open a UK office that will focus on AI and autonomous driving technology
American EV automaker Rivian is expanding across the pond into the UK, hoping to tap into the region’s talent pool in artificial intelligence engineering.
Rivian is a growing American EV brand with expanding office footprints as much as its lineup of unique electric trucks and SUVs. The company is currently headquartered in Palo Alto, California, with its main production facility located in Normal, Illinois alongside plans for a second production footprint about 40 minutes outside of Atlanta, Georgia.
Other US locations currently include offices in Irvine and Carson, CA, Wittmann, AZ, and Plymouth, MI. Outside of the US, Rivian operates out of offices in Vancouver, BC, Canada, Amsterdam, Netherlands, and Belgrade, Serbia.
This morning, Rivian announced its latest international office in London, UK, which will become an AI-centric development hub.
Rivian to open AI Hub in the UK
According to a release from Rivian early this morning, it sees the UK as rapidly becoming a world leader in artificial intelligence engineering, and is looking to tap into that talent pool with the new international office.
While Rivian’s current Autonomy Platform enables drivers to utilize hands-free, eyes-on highway driving, the American automaker intends to continue to evolve such tech to offer greater levels of autonomous capabilities.
Rivian shared that its second-generation EVs were designed with an “AI-centric approach.” As its Gen2 vehicle fleet continues to develop and grow, the automaker has been collecting more and more data to help accelerate the improvements to ADAS technology. Per the company:
Rivian believes the combined strength of its perception platform and in-vehicle data infrastructure will enable it to build a Large Driving Model, unlocking unparalleled understanding of complex driving scenarios and accelerating the path to safer, more capable autonomous features.
Rivian said the future work done at its new UK AI hub will enable its EVs to improve in the future via over-the-air (OTA) updates. Details remain light, but Rivian shared plans to host an “AI and Autonomy Day” later this year and promised to share more about its product and technology roadmap.
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Waev, the company best known for its iconic GEM electric low-speed vehicles (LSVs), just unveiled a brand new lineup of commercial electric carts and LSVs. And this time, they’re not messing around when it comes to utility. Dubbed the Fusion line, these new lithium-ion-powered vehicles include mashups plucked from the worlds of golf carts, street-legal shuttles, and jobsite pickup trucks.
The Fusion lineup includes six different models: three designed for people-moving and three built for utility work. But all six still seem to be aimed squarely at commercial, municipal, and industrial fleets.
Whether that’s running security at a stadium, shuttling guests at a resort, or hauling equipment around a worksite, there looks to be something in the Fusion family that probably fits the bill.
On the people-moving side, Waev is offering 4, 6, and 8-passenger models, all of which feature a flip-up rear seat that converts into a cargo deck, a near ubiquitous feature among modern golf carts and LSVs with rear-facing benches that helps them pull double duty as a light utility vehicle. The feature gives them added flexibility for things like maintenance staff, hospitality transport, or even large campus tours, letting them carry a large number of passengers, yet still be capable of stacking boxes or equipment in the rear.
The utility versions look a bit different with more muted matte black bodywork, plus come with electrically-actuated hydraulic dump beds, 2-inch ball hitches, and even orange seat belts for jobsite visibility. It’s harder to forget to put on the seatbelt when it’s blindingly orange.
And yes, the Fusion Utility Long Bed basically looks like a pickup truck built on a golf cart chassis, which I find equal parts strange and endearing. But then again, I’m the guy who infamously kicked off the great American mini-truck trend a few years ago when my hilarious little tiny-truck went viral, so maybe I’m a bit biased when it comes to fun little utility vehicles.
All Fusion models are available in both “cart” and “LSV” configurations. The carts are speed-limited to 19 mph (30.5 km/h) and come with serial numbers, making them street-legal only in limited areas that have passed local ordinances permitting golf carts to use public roads.
The LSV versions get full VINs, meet federal low-speed vehicle safety standards (meaning over a dozen regulations on manufacturing standards and safety equipment), and can be driven up to 25 mph (40 km/h) on public roads where LSVs are permitted by state law.
Waev is sticking with lithium-ion power here, specifically a 105Ah Marxon pack that’s both heated and insulated for cold-weather use. That’s a big step up from the old-school lead-acid setups still found in some fleet carts (and, if we’re being honest, still offered on some of Waev’s other vehicles).
The company claims to offer automotive-grade manufacturing processes and reliability on its vehicles, along with Bluetooth diagnostics and a smartphone app for managing the fleet.
Other upgrades include LED lighting, back-up cameras, AVAS pedestrian alert systems, and standard three-point seat belts for all passengers. Optional extras like ladder racks, beacon lights, and upgraded tires make it even easier to tailor each unit to the specific job at hand.
The Fusion line slots into Waev’s already broad family of low-speed EVs and fleet vehicles, including the steel-bodied Taylor-Dunn utility vehicles, Tiger heavy-duty tow tractors for airports and warehouses, and the classic GEM lineup that’s been a staple of street-legal fleet transport since the late ‘90s.
It also looks like Waev isn’t just trying to sell the hardware here – it’s pushing hard on full-service fleet support, too. The company is leaning on an extensive dealer network across the U.S., Mexico, Canada, and Australia, and all Fusion models are available through Sourcewell and Canoe procurement programs for simplified public-sector purchasing.
One big thing we’re not seeing, though, are the prices. It’s more of a “contact us for a quote” situation, which means exactly what you think it means. We’ll try to learn more, but don’t expect to make it out of the lot without a measurably lighter wallet.
Electrek’s Take:
This is the kind of product line that probably won’t turn heads in your local grocery store parking lot, but it’s exactly the kind of quiet EV revolution that’s transforming fleets behind the scenes. Lithium-ion golf carts and LSVs that can tow, haul, and shuttle without the noise or emissions of gas engines? That’s a win for everyone –from municipal fleets to private campuses.
And frankly, I’m here for the golf cart pickup truck vibe. Street legal, work-ready, and just weird enough to be cool. The fact that the tailgate seems to swing all the way down and doesn’t lie flat like a normal pickup truck’s gate was a swing-and-a-miss by the designers – I don’t know how that got through – but everything else looks great! And hey, I guess I could always add a pair of tailgate cables if I wanted.
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Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.
This project has been in the works for a long time.
In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.
A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.
Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.
In 2023, the automaker broke ground on the site of the diner.
7 years after being originally announced, the project appears now ready to open:
Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.
A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.
Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.
Electrek’s Take
I think it looks pretty cool. I am a fan of the design and concept.
However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.
You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.
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