** Dozens of U.S. Representatives from both political parties urged the Biden administration to toughen sanctions on Russian oil shipments and questioned an exception issued to the world’s largest oilfield company SLB to operate in the country.
** General Motors will invest $625 million to partner in developing a lithium mine in Nevada that will help the automaker source EV materials domestically.
** Opening statements begin in the trial of former Illinois House Speaker Michael Madigan, whose alleged schemes include using his influence to pass favorable legislation for utilities in exchange for kickbacks and jobs for loyalists.
** The U.S. Supreme Court agrees to hear three cases that will steer how industry groups can fight federal emissions regulations.
** General Motors reported much stronger than expected third-quarter earnings and gave an outlook that puts it on the path for record earnings in 2024 – just a year after a costly strike by members of the United Auto Workers union.
** Honda is recalling more than 700,000 vehicles because the high-pressure fuel pump may crack and leak fuel, which could increase the risk of a fire. It is the second major recall this month at Honda, after 1.7 million vehicles were found to have potential steering issues in early October.
World
** The International Energy Agency, for the first time, is setting up an office in Southeast Asia, its first IEA office outside of its Paris headquarters in the agency’s 50-year history there. The IEA said the region’s growing significance for energy markets and transitions is one of the reasons why.
** India’s attempts at boosting its manufacturing sector by capitalizing on the US-China trade war have fallen short, according to a new study, with other Asian rivals benefiting to a much greater extent from escalating tensions between the world’s biggest economies.
** The US is paying close attention to the ‘dark fleet’ of tankers carrying restricted oil and doing ship-to-ship transfers in Southeast Asian waters, the State Department’s top energy official said. A large cluster of dark fleet tankers has formed off Malaysia’s Johor state over the past year, where they conduct ship-to-ship transfers to mask the origin of cargoes or wait for their next assignment.
** Stellantis is expanding its truck plant in Mexico as a “relief valve” for a U.S. truck factory expected to reach capacity in the future, Chrysler brand CEO Christine Feuell said Tuesday on the sidelines of a Reuters event in Detroit.
