China and India want to buy more oil from the US

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China and India want to buy more oil from the US

June 14, 2018 - 11:52
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Two biggest buyers of oil from Asia are considering the possibility of buying more oil volumes from the US, Bloomberg informs. This step is some kind of opposition to OPEC's dominance in the world's largest oil market.

Photo ©TheoRivierenlaan, CC0 1.0

Two biggest buyers of oil from Asia are considering the possibility of buying more oil volumes from the US, Bloomberg informs. This step is some kind of opposition to OPEC's dominance in the world's largest oil market.

Two countries are willing to put pressure on OPEC's producers to have ablity of controlling prices. Such cooperation might present a new problem for the organization that already encountered with rising competition on behalf of shipments from the Gulf of Mexico. Especially now, when the group is having internal disagreement due to Saudi Arabia's proposal to increase output that encountered with protests from Iran, Iraq and Venezuela.

South Korea and Japan that are also major buyers in the region might joint the alliance later.

US import growth started after limits on export of American oil were cancelled at the end of 2015.