India, China mull cabal to counter oil cartel

 India and China, which together accounted for 17 per cent of world oil consumption last year, will look for ways to leverage the combined size of their shopping baskets for a better bargain from West Asian crude producers.

The move comes when the centre of gravity of the global oil market has shifted to Asia amid an oversupplied market. China and India today are the world’s second and third largest oil consumers, respectively. International Energy Agency sees the two fuelling half of global demand growth in the next five years, with India driving incremental demand growth through the next two decades.

The biggest players are looking to leverage their size to bargain better prices - look forward to seeing how this plan unfolds. 

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