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Top oil exporter Saudi Arabia may cut the price for its flagship Arab Light crude to Asia in June despite an extra output cut from OPEC+, as refiners hit by sliding fuel prices consider reducing output and China and India snap up cheap Russian crude.
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Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organisation can always adjust policy if necessary.
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OPEC Secretary General Haitham Al Ghais said on Thursday the International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth.
As Middle East crude exporters cut output and raise prices, India's refiners are successfully switching to Russian oil and enjoying the double bonus of cheaper cargoes and higher margins for exported refined products.
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OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year.