Instead of the average monthly import order of 14.8 million barrels, the Indian state-run oil refiners have placed orders for just 9.5 million barrels of Saudi oil in May

The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million barrels of Saudi oil in a month

When the Organisation of Oil Exporting Countries and Major Producers (OPEC+) extended the production cuts into April, India unsheathed that weapon

The group, which has been implementing deep cuts since oil prices collapsed in 2020 due to the coronavirus crisis, agreed to ease production cuts by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July

State refiners, which control about 60% of India's 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said

India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices

The officials said the report, for which the CIA was the main contributor, assessed that the crown prince approved and likely ordered the murder of Khashoggi, whose Washington Post column had criticized the crown prince's policies

Saudi Arabia's Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund (PIF), Saudi Arabia's main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world's top oil exporter away from fossil fuel

The move comes under Crown Prince Mohammed bin Salman's Vision 2030 initiative, introducing reforms that allow Saudi women to advance in various fields

\"The focus of the upcoming G20 summit will be on an inclusive, resilient, and sustainable recovery from the COVID-19. During the G 20 Summit, the leaders will discuss pandemic preparedness and the ways and means to restore jobs.

Stockpiles of crude in the United States fell a fourth straight week, even as net imports rose, the Energy Information Administration (EIA) said

Ambani had prepared a blueprint for its oil-to-chemical (O2C) play and discussed it with the Crown Prince of Saudi Arabia, Mohammed bin Salman, in February 2019, when the de-facto leader visited India

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The economies of all the Arab Gulf oil exporters are expected to contract this year, as much as 5% in Iraq, according to the International Monetary Fund

Reliance Industries has recently finalised a number of global partnerships and investments, with some more deal in the cards even as markets remain under pressure due to coronavirus and oil prices crash

The Saudi energy minister downplayed the move in oil prices on Monday, saying anticipation of the cuts was the reason for a rally in oil prices before the meeting. Since dipping below $22 a barrel two weeks ago, Brent has rebounded by roughly 48%.

Group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June, after four days of talks and following pressure from US President Donald Trump to arrest the price decline

Oil prices hit an 18-year low on March 30 due to a slump in demand caused by lockdowns to contain the coronavirus outbreak and the failure of OPEC and other producers led by Russia to extend a deal on output curbs that expired on March 31

Prince Mohammed has fuelled resentment among some prominent branches of the ruling family by tightening his grip on power following the 2018 Jamal Khashoggi murder by Saudi agents