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India's plans to float 'Oil Buyers Club' with China to cut OPEC's dominance

The announcement by China and India that they are joining forces to challenge OPEC's high-price strategy is likely to attract support from Japan and Europe

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6 min read Last Updated : Jul 02 2018 | 9:03 PM IST

The announcement last month that China and India are considering forming an “Oil Buyers’ Club” to counter the market power of the Organization of Petroleum Exporting Countries is proof that the run-up in oil prices this year, from $30 a barrel to $80, is happening in a very different context than spikes of the past. The proposed alternative to OPEC could be good news for importing nations' economies and the environment.

Like any cartel, OPEC exists to raise the price of oil by reducing competition. Its biggest risk is that if it lifts the cost too high, competitors (such as

Topics : India China relations

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