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China, India in talks to form oil buyer’s bloc balancing OPEC

China and India (Chindia) accounted for 17% of global oil consumption in 2017. They are projected to account for 50% of global demand growth in the next five years. 

This will surely give such a buyer’s bloc massive leverage in a world where US shale oil has proven disruptive to OPEC dominance.

This should worry major producers like Saudi Arabia, Russia and Nigeria.

Big savers who also spend less like Norway have less to worry about. Chindia would be able to play OPEC off against the US, whose oil output has been increasing.