India
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Saudi Arabia's oil price cuts helping fill the void for Indian refiners
Saudi Arabia's recent move to slash the price of its oil has attracted attention from India, with some refiners now interested in buying crude from the kingdom while oil purchases from Russia plummet.
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India will buy Venezuelan oil, says minister
India will buy Venezuelan oil as some refiners in the country have the capability to process heavy crude oil, Oil Minister Hardeep Singh Puri said on Friday.
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Asia main driver of 2023 oil consumer market
Global oil demand in 2023 is expected to grow 2.32 mb/d compared with 2022. China and India continue to remain the main drivers in the oil market this year. According to the Organization of the Petroleum Exporting Countries (OPEC) data, China will have a 26% share (590 tb/d) of this global increase in oil demand, but the IEA estimates China’s share at 47% (900 tb/d) of its own estimate of 1.9 mb/d increase. In-between, Russia has become a leading oil supplier to China. The Directorate of OPEC and International Energy Fora of Iran’s Ministry of Petroleum has reviewed the oil market based on the latest reports released by the OPEC, International Energy Agency (IEA) as well as the US’s Energy Information Administration (EIA).