Oil prices were little changed in the current week, with bearish sentiment still ruling the markets after the U.S. agreed to a one-year truce to its trade war with China, despite reports that Indian refiners are ditching Russian oil following fresh U.S. sanctions. Consequently, the share of Russian oil in India’s import basket has declined to 34% in the current year from 36% in the previous two years. The latest compensation plan suggested the OPEC member would decrease its output by an additional 130 kb/d in each of the September and October loadings, nearly enough to offset the barrels added to the market by OPEC+.
Author: Alex Kimani
Published at: 2025-11-01 23:00:00
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