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Message: <blockquote data-quote="ibnanv" data-source="post: 23309666" data-attributes="member: 218596">NEW DELHI: India and China, which together accounted for almost 17% of  world oil consumption last year, are working on combining their shopping  carts with a view to challenging Opec’s capability to play havoc with  crude prices and seek better bargains from the cartel of oil exporting  countries, especially its West Asian members.  The two sides kicked off formal talks in Beijing on Monday for     forming an oil buyers’ club  + . The development is likely to weigh on Opec energy ministers, who are expected to discuss a plan to end the production cut deal later this month. The talks come within less than two months of oil minister  Dharmendra Pradhan proposing an alliance between Indian and Chinese  state-run oil companies for a greater say in the market. Sources told TOI that the two countries were looking at working  together rather than competing. “The timing is right. The boom in US oil  and gas production gives us greater leverage against Opec,” an official  said. Move comes as oil market shifts to Asia “As consumers, we have certain mutual  interests. We agreed to promote (business-to-business) cooperation… and  we are hopeful that in future buyers will be able to dictate prices,”  oil minister Dharmendra Pradhan said after meeting China National Petroleum Corporation  chairman Wang Yilin and Li Fanrong, deputy administrator of China’s  National Energy Administration, on the sidelines of the 16th  International Energy Forum ministerial round in April. Pradhan, however, did acknowledge  there would be “fair competition in some areas as it happens in  business”, an oblique reference to acquisition of overseas oil and gas  fields.The ongoing India-China talks are a throwback to 2005, when the then  Indian oil minister, Mani Shankar Aiyar, proposed forging a common front  on oil to China’s National Development and Reforms Commission  vice-chairman Zhang Xiaoqing on the sidelines of the Asian Round Table –  a buyer-seller meet This time, the move comes as the global oil  market’s centre of gravity shifts to Asia.  International Energy Agency  sees India and China fuelling half of global demand growth in the next  five years, with India driving incremental demand growth through the  next two decades. </blockquote>

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