Opec (organization Of The Petroleum Exporting Countries)

Russia has become a major source of crude oil to India after Moscow sent troops into Ukraine in February 2022.

MC Explains: G7 price cap on Russian crude, OPEC+ production cut: Key triggers for global oil market

While India has said that it’s under no pressure to accept the price cap, reports indicate that Indian refiners are wary of buying Russian crude at a higher rate once the proposed G7 price cap kicks in.

Macro@Moneycontrol: Oil on the boil - Know how crude prices affect you and the Indian economy

Petrol prices on Monday hit a 4-year-high selling at Rs 73.83 per litre while diesel rates touched an all-time high of Rs 64.69 in the national capital

Oil powers fly to Doha for private pow-wow as $30 woes mount

The talks in the Qatari capital Doha, which had been kept under wraps until recent days, involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak, sources said, two figures who must reach an accord for any coordinated global action to hold any hope of success.