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China and India Want to Buy More U.S. Oil to Counter OPEC

  • Indian govt official says discussing collaborating with China
  • Nations want to put pressure on OPEC to keep prices in control
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'Pretty Clear' OPEC Will Increase Output, BofA Merrill's Blanch Says

Two of Asia’s largest crude buyers are considering teaming up to buy U.S. supplies and counter OPEC’s dominance in the world’s biggest oil market.

India and China are discussing ways to boost imports of U.S. crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official. The two nations want to put pressure on OPEC producers to keep prices under control, he said in New Delhi on Wednesday, asking not to be identified because of internal policy.