India's plan to form an oil consumers' collective ... moreIndia's plan to form an oil consumers' collective seems to be gaining momentum, with China showing interest. Following a trip by India's petroleum secretary to Beijing last October, China sent its deputy minister for energy administration to Delhi last month. Non-renewal of exemptions from US sanctions for importing Iranian oil and continued supply cuts by the Organisation of Petroleum Exporting Countries can adversely impact China and India, the second and third largest oil importers in the world. India has also proposed the inclusion of Japan and South Korea in the buyers' collective. Watch the full video for more.
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