A number of Indian media quoted Indian officials on the 14th, saying that China and India have initiated formal consultations to set up a buy country club to counter the OPEC (OPEC) dominance of crude oil prices. The United States's Bloomberg News reported on the 14th that China and India are
Oil prices have edged up as the Organization of the Petroleum Exporting Countries (OPEC) and its partners are set to extend output cuts until at least the end of 2019 at their meeting in Vienna.
Oil-producing countries, which are not the part of Organisation of the Petroleum Exporting Countries (OPEC), have agreed to reduce the output by around 562,000 barrels per day.
The State-run company Qatar Petroleum, a leading oil company in the world, announced on Tuesday that it will cut production levels beginning next year.