The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising US shale output, with a side helping of Chinese imports driving demand.
First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas.
Indian Oil Corporation Ltd (IOCL) said it is in initial talks with Saudi Aramco on downstream investments, including a mega project on its west coast