{"id":45807,"date":"2019-04-30T15:06:08","date_gmt":"2019-04-30T20:06:08","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45807"},"modified":"2019-04-30T15:06:13","modified_gmt":"2019-04-30T20:06:13","slug":"a-new-mega-cartel-is-emerging-in-oil-markets","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45807","title":{"rendered":"A New Mega Cartel Is Emerging In Oil Markets"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/A-New-Mega-Cartel-Is-Emerging-In-Oil-Markets.html\">A New Mega Cartel Is Emerging In Oil Markets<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/7b0cfd582123082cf6f31920776b47d9.jpg\" alt=\"Oil port\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">China and India\u2014two of the world\u2019s largest oil importers and the biggest demand growth centers globally\u2014are close to setting up an oil buyers\u2019 club to have a say in the pricing and sourcing of crude oil amid OPEC\u2019s cuts and U.S. sanctions on Iran and Venezuela, Indian outlet livemint&nbsp;<a href=\"https:\/\/www.livemint.com\/industry\/energy\/india-china-step-on-the-gas-on-oil-sourcing-plan-1556224759083.html\">reports<\/a>, citing three officials with knowledge of the talks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is not the first time that the two major oil importers are working to create such an oil club.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">India and China have discussed creating an \u2018oil buyers\u2019 club\u2019 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\u2019s sway, both over the global oil market and over prices, India\u2019s Petroleum Ministry&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/India-China-Look-To-Form-Oil-Buyers-Club.html\">said<\/a>&nbsp;in June 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith oil producers&#8217; cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an &#8216;oil buyers club&#8217; that can negotiate better terms with sellers as well as getting more US crude oil to cut dominance of the oil block,\u201d a&nbsp;<a href=\"https:\/\/twitter.com\/PetroleumMin\/status\/1007061609880043520\">tweet<\/a>&nbsp;from the Petroleum Ministry\u2019s Twitter account said in the middle of last year, when oil prices were rising ahead of the return of the U.S. sanctions on Iran\u2019s oil industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the officials cited by livemint, China and India have exchanged senior-level visits several times since then and have made progress on \u201cjoint sourcing of crude oil.\u201d&nbsp;<strong><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Massive-Drop-In-US-Oil-Rig-Count-Fails-To-Arrest-Price-Slide.html\">Related: Massive Drop In U.S. Oil Rig Count Fails To Arrest Price Slide<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reports of the strengthened Chinese-Indian cooperation in potentially forming an oil buyers\u2019 club come just as the U.S. sanction waivers for all Iranian oil customers expire this week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New Mega Cartel Is Emerging In Oil Markets China and India\u2014two of the world\u2019s largest oil importers and the biggest demand growth centers globally\u2014are close to setting up an oil buyers\u2019 club to have a say in the pricing and sourcing of crude oil amid OPEC\u2019s cuts and U.S. sanctions on Iran and Venezuela, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[1997,441,2245,23083,600,14603,851],"class_list":["post-45807","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-economic-sanctions","tag-iran","tag-oil-market","tag-oil-price-com","tag-opec","tag-tsvetana-paraskova","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45807"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45807\/revisions"}],"predecessor-version":[{"id":45808,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45807\/revisions\/45808"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}