Irina Slav, Oil Price.com: The New Oil Cartel Threatening OPEC
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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WNU Editor: Not going to succeed. Demand for oil is going to grow for the foreseeable future, and new energy technologies are either too expensive to implement and/or not able to meet the demands of consumers.
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