The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.
Crown Prince Mohammed bin Salman hosted two Arab summits with the Chinese leader, but any move by Saudi Arabia to ditch the dollar in its oil trade would be a seismic political move
The meeting between the global economic powerhouse and Gulf energy giant signals Riyadh's interest in deepening ties with Beijing despite US wariness
The effective prices refiners pay could exceed the $60 per-barrel cap that came into effect on Monday
Talks over joint energy exploration in the contested waterway between Manila and Beijing fell through in June
Moscow has sent India a list of more than 500 products it needs to keep key industries running, but while Delhi wants to cut its huge trade deficit, some companies fear being hit with sanctions.
Chinese stocks and oil prices fell sharply early on Monday, after protests in many cities against tough Covid restrictions, while the country posted another record high tally of Covid cases
CNOOC has hired JPMorgan to advise it on a potential exit from its US shale gas assets, which could raise $2 billion. It is also in talks for the sale of its Gulf of Mexico assets
Another 13 companies in China, Hong Kong and the UAE have been hit with US sanctions for helping to sell "hundreds of millions of dollars" of Iranian oil and oil products to buyers in East Asia
India can continue buying as much Russian oil as it wants, provided it steers clear of Western insurance, finance and maritime services, US Treasury Secretary Janet Yellen has said.
India is now Russia's biggest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers
State energy officials say total gas demand is likely to fall 1% this year, according to a researcher with CNOOC. That would be the first annual decline since at least 2002