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A new mega cartel emerges in oil markets



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China and India – two of the world's largest oil importers and the largest demand growth centers globally ̵

1; are approaching Set up an oil buying club to get an expression in the pricing and purchasing of crude oil among OPEC's cuts and US sanctions against Iran and Venezuela, referring to three officials with knowledge of the talks.

This is not the first time the two major oil importers work for To create such an oil club

India and China have been discussing creating an "oil buying club" to negotiate better oil export prices and are looking to import more US crude oil to reduce OPEC's turn over the global oil market and over prices, said India's petroleum department in June 2018.

"With the oil producer's cartel OPEC experiencing chaos with prices, India discussed with China on usability to form an" oil buyer ubb "who can negotiate better terms with sellers, and get more US crude oil to cut the dominance of the oil block," a tweet from the Petroleum Ministry's Twitter account said in the middle of last year, when oil prices rise before returning US sanctions against Iran's oil industry.

According to the officials cited by the life spouse, China and India have exchanged visits at senior level several times since then and have made progress on "joint sourcing of crude oil." Related: Massive Drop in US Oil Rig Count Fails to Arrest Price Glasses

Reports on the strengthened Chinese-Indian cooperation potentially forming an oil purchase & # 39; club just comes as US sanctions deviation for All Iranian oil customers will expire this week.

China is Iran's number one customer, while India is the second largest buyer of Iranian oil, so the end of US dispensations will mostly affect refineries in the two oil importers who will encrypt to source from other sources or risk secondary US sanctions .

"China and India should do so to seize more negotiating power to make oil prices more sustainable," Jawaharlal Nehru University Professor Srikanth Kondapalli told the Global Times in a recent interview, commenting on the benefits of an oil buying club.

By Tsvetana Paraskova for Oilprice.com

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