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Thread: India, China Look To Form ‘Oil Buyers Club’

  1. #1

    India, China Look To Form ‘Oil Buyers Club’

    India and China have discussed creating an ‘oil buyers’ club’ to be able to negotiate better prices with oil exporting countries and will be looking to import more U.S. crude oil in order to reduce OPEC’s sway, both over the global oil market and over prices, India’s Petroleum Ministry said on Wednesday.

    “With oil producers' cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an 'oil buyers club' that can negotiate better terms with sellers as well as getting more US crude oil to cut dominance of the oil block,” a tweet from the Petroleum Ministry’s Twitter account reads.

    On Thursday, Pradhan met with ambassadors of OPEC countries to India and “discussed India’s growing position in the world energy demand & the need for responsible pricing which balances the interests of both the producer & consumer countries,” the Indian minister tweeted today, adding that he had also suggested creating transparent and flexible markets for both oil and gas.


    “Further also raised the issue of discriminatory pricing in global oil & gas trade through measures such as Asian Premium. Urged the OPEC Ambassadors to reconsider these discriminatory measures in the overall interest of all the countries & work together for a sustainable future,” Pradhan added.

    The Indian oil minister plans to visit Vienna next week to take part in the 7th OPEC International Seminar to further discuss the oil market and pricing issues with OPEC’s Secretary General Mohammad Barkindo and with ministers from OPEC countries, the Indian government said in a statement today.

    More at: https://oilprice.com/Energy/Crude-Oi...yers-Club.html
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  3. #2
    Sounds like something that Syria, Iran, North Korea, Iraq, Russia, and the EU might be interested in too?
    DACA S**thole Dreamers - Make America Great Again?

  4. #3
    Quote Originally Posted by RonZeplin View Post
    Sounds like something that Syria, Iran, North Korea, Iraq, Russia, and the EU might be interested in too?
    OPEC's worst nightmare.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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