The trick for the Saudis and the Russians is whether the global economy can withstand an oil price closer to $100 a barrel than the $70 level that prevailed in the middle of 2023.
Asia's crude oil imports dropped to 25.05 million bpd in September, the weakest outcome this year and down from 25.22 million bpd in August and 27.92 million bpd in July, according to data compiled by LSEG.
China's retail gasoline price has risen from 8.06 yuan ($1.15) a litre at the end of June to 9.04 yuan currently, an increase of 12%.
The outlier is India, where retail prices have been kept steady despite being market-linked, at least in theory.
The retail price of gasoline in the capital New Delhi is currently 96.76 rupees ($1.16) a litre, a level that has persisted since April last year.
Persons:
It's, JP Morgan, LSEG, Sonali Paul
Organizations:
Brent, U.S . Energy, Administration, JP, Retail, Australian Institute of Petroleum, Reuters, Thomson
Locations:
LAUNCESTON, Australia, Saudi Arabia, Russia, OPEC, United States, ASIA, Asia, China, India, New Delhi