Key report takeaways:

• OPEC+ voluntary production cut to tighten global sour crude supplies and narrow sweet-sour crude price spread

• India jostles with China for Russian crude, squeezing supplies to Chinese teapot refiners

• China’s oil majors have secured more heavy-sour crude to boost refining runs after the country’s re-opening

• Shandong teapot refiners have turned to cheaper, alternative (non-crude) feedstock such as Russian residual fuel oil to improve margins