A new alliance threatens OPEC's dominance of markets
India and China are close to forming a coalition of oil consumers, a move that could favor the oil market for consumers, giving them strength when negotiating with suppliers, the Economic Times reported.
The newspaper said that this alliance of buyers will lead to a decline in the influence of "OPEC", as the coalition will negotiate collectively on the supply of oil.
She added that Asian countries rely mainly on producers in West Asia, including the Gulf countries, to meet their oil needs, and this dependence is in favor of producers, who impose their prices on Asian countries.
The plan, developed by China and India, the second and third largest oil importer in the world, will help buyers make better deals with oil producers, according to the Economic Times.