Overview

• OPEC+ is expected to extend its 2.2 million barrels per day production cuts into the third quarter.
• India's oil imports surged by 15% in May, hitting a record high of 5.26 million barrels per day.
• China's oil imports decreased by 2% in May, marking the lowest level since January.
• The extension of production cuts aims to stabilize prices amid fluctuating global demand.
• OPEC+ faces internal challenges, including compliance with quotas and maintaining market share.