OPEC meeting to shape India's Russian oil purchases as May levels stay high

Bloc members led by Saudi Arabia and Russia are holding a ministerial meeting on June 2 to decide the fate of global oil production

The extent of India’s imports of cheap, discounted Russian oil, which is linked to the financial health of oil marketing companies led by Indian Oil, in 2024 hinges on the outcome of a meeting of some of the world’s top oil exporting nations in early June, said industry officials.

Meanwhile, India continued to consolidate its lead over China over imports of seaborne crude oil from Russia in May, increasing purchases over its northern neighbour by over 650,000 barrels per day (bpd0 or by around 50 per cent. Indian refiners sourced 4 per cent more crude in May on the month