Print media: China and India discuss the establishment of an oil buying club to compete with OPEC


Print media: China and India discuss the establishment of an oil buying club to compete with OPEC

Original title: print media: to counter OPEC, China and India discuss the establishment of an oil club.

[global times India special correspondent Yuan Zhen Yuan Zhen Zhen] several India media, 14, quoted Indian officials as saying that China and India have started formal consultations to set up an "oil buying country club" to counteract the dominance of the "OPEC" (OPEC) on the price of crude oil. Bloomberg News 14 reported that China and India are discussing increasing oil imports to the us to reduce dependence on OPEC's crude oil imports. The club will also include Japan and South Korea, the report said.

According to the news of China Petroleum network, Wang Yilin, chairman of CNPC, held talks with Sanjiv Singer, chairman of India oil company in June 11th. The two sides exchanged views on Sino Indian cooperation in oil and gas fields. India Times reported on the 14 day that China and India accounted for about 17% of global oil consumption last year, and could reach 50% in the next few years. Two months ago, at a meeting, India oil minister Pradhan publicly called on India and the China Petroleum Corp to form alliances in the market to have a greater voice. "Now, the two countries are working hard to combine oil procurement with a view to enhancing their bargaining power with OPEC." The report quoted the official sources in India as saying that the two countries are working hard rather than competing, "the timing is right. The prosperity of us oil and natural gas production has given us more bargaining power to OPEC. "

In the 14 day of the economic times, India said China and India discussed how to eliminate infrastructure bottlenecks in the consultation process to promote the entry of American crude and natural gas into the Asian market. At present, OPEC accounts for about 60% of India's crude oil imports, and India can't get a better price from bargaining. OPEC's production led to a 4 year high of international crude oil prices, forcing India's gasoline and diesel prices to rise, causing great pressure on India's economy.

According to the sources, China and India talks about the possibility of joint procurement of oil and the discussion of joint negotiations on reducing the premium of crude oil in the Asian market, and will also offer similar cooperation proposals to Japan and South Korea. The economic times says that as PetroChina and its Affiliated Companies are selling most of their oil in a third country oil field in overseas markets, India is interested in buying oil stocks directly from Chinese companies. In addition, China may invest in the construction of oil and gas facilities in India.

China and India are the world's largest and third largest importers of crude oil, respectively. China and India are the largest oil importers in the world. China and India will create a new challenge to OPEC. Oil from the Gulf of Mexico and Texas has already entered the Asian market. Reuters commented on the 14 day that OPEC member states will discuss the end of the reduction plan in Vienna in June 22nd. The price of the international crude oil market is very vulnerable to the impact of the organization, but the focus is only on the supply side. The demand side is a more important factor affecting the price of crude oil because of the international crude oil market. The field has almost become the hostage of the two countries: China and India. According to the article, China and India account for 69% of the growth of international oil demand this year. "What happened in these two countries is more important than Vienna."


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