INDIA CHINA JOIN HANDS TO COUNTER OPEC’S DOMINANCE IN ASIAN OIL MARKET

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 Asia to cut dominance of the oil block. As a follow up of Oil Minister Dharmendra Pradhan’s idea floated at the International Energy Forum (IEF) meeting here in April, Indian Oil Corp (IOC) Chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin, Chairman of China National Petroleum Corp (CNPC), a top source said. On discussion table was debottlenecking infrastructure to facilitate more US crude oil comes to Asia so as to cut the dominance of Organization of the Petroleum Exporting Countries (OPEC), which supplies about 60 per cent of India’s oil needs. P

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