China and India Establish “Oil Buyers’ Club” to Counter OPEC

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On June 11, major Chinese and Indian oil companies started a formal meeting in Beijing, discussing the establishment of an “oil buyers’ club” to negotiate better prices with OPEC countries. The chairman of China’s biggest energy company China National Petroleum Corporation (CNPC), Wang Yilin, and the chairman of refiner Indian Oil Corporation both attended the meeting. According to the India Times, the two largest energy consumers together accounted for almost 17% of world oil consumption last year. Should this “oil buyers’ club” become a reality, New Delhi, and Beijing will have greater leverage to negotiate with OPEC about oil prices and will also have a significant say in matters such as importing more crude oil from the US. Continue reading

China discovers enormous gas field in South China Sea

The world’s largest net oil importer, China National Offshore Oil Corporation, has announced the discovery of 100 billion cubic meters of natural gas field in the South China Sea.

China’s state news agency Xinhua reported late Monday that a deepwater drilling rig had discovered Lingshui 17-2, the country’s first self-support deepwater gas field, in September 2014 and it has since been approved as a large-scale gas field. Continue reading