A lifting of pandemic lockdowns in China has helped oil demand rise in 2023.

The company's profit for the April-June quarter fell to RM16.4 billion from RM23 billion a year earlier.

Oil demand forecasters often have to make revisions given changes in the economic outlook and geopolitical uncertainties, which this year included China's lifting of coronavirus lockdowns and rising interest rates.

Discounted crude offers respite as Pakistan faces an acute balance of payments crisis, risking a default on its debt obligations.

Pakistan's purchase gives Russia a new outlet, adding to Moscow's growing sales to India and China, as it redirects oil from western markets because of the Ukraine conflict.

Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.

Opec+ pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.

India does not recognise the sanctions imposed on Russia and has quickly become the biggest buyer of seaborne Russian crude.

Prices have drawn support from surprise voluntary output cuts by some members of the Organization of the Petroleum Exporting Countries and allies, including Russia announced in April.

The summit in Saudi Arabia comes at a time when the world's biggest oil exporter is flexing its diplomatic muscle across the Middle East and beyond.

Russia is part of the Opec+ group of oil producing countries that announced a combined reduction of around 1.16 million bpd earlier this month, a surprise decision the US described as unwise.

Crude futures surged almost 8% at one stage.