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The New Oil Cartel Threatening OPEC
Posted by BFP Staff on Jul 5, 2018 at 04:10 PM
Electrification is where OPEC may have to face off with a future oil buyers' cartel.
By Irina Slav for Oilprice.com
When reports emerged that India and China are in talks about forming an oil buyers’ club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
“The timing is right. The boom in U.S. oil and gas production gives us greater leverage against OPEC,” the Times of India quoted an Indian official as saying last month after the formal start of said talks. The two countries, after all, account for a combined 17 percent of global oil consumption and they are the ones that would be the hardest hit if prices rise as a result of OPEC’s actions.
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