Sanjeev Choudhary — India, China set up joint working group to tackle crude volatility

Summary:
The two countries have set up a joint working group that would identify subjects of cooperation in the energy sector, including ways to rein in global oil prices. The group, set up a month ago, will be co-chaired by a joint secretary in the oil ministry and his Chinese counterpart.China and India, second- and third-largest oil consumers, respectively, have been meaning to form a joint front for more than a decade to assert their weight in the oil market, dominated by a producers’ cartel, OPEC.... Monopsony power confronts monopoly power to squeeze out rent extraction. China and India are also under no illusions about the US plan is dominate energy in order to gain another lever of power in addition to the global reserve currency to control the world economically as well as financially

Topics:
Mike Norman considers the following as important: China, Chinida, monopsony, oil importers, oil price, US economic warfare, US energy dominance, US hybrid warfare

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