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An India-China maneouvre could soon leave world's oil powers toothless

economictimes.indiatimes.com ↗︎

3 Comments

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India and China are attempting to set up an oil buyers bloc to counter OPEC and increase importers bargaining power. These developments are on a background of new sanctions on Iranian oil, as well as India already paying a premium for its oil imports. [#india](/economics/new/india) [#china](/economics/new/china) [#oil](/economics/new/oil) [#trade](/economics/new/trade)

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India and China are attempting to set up an oil buyers bloc to counter OPEC and increase importers bargaining power. These developments are on a background of new sanctions on Iranian oil, as well as India already paying a premium for its oil imports. [#india](/economics/new/india) [#china](/economics/new/china) [#oil](/economics/new/oil) [#trade](/economics/new/trade)

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This is interesting, very curious what implications this has for the US dollar.

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This is interesting, very curious what implications this has for the US dollar.

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I see it as another move by other countries trying to break dollar hedgemony over oil. Other initiatives include the creation of the "Petro-Yuan" but as this forbes article suggests, I think there is along way to go before we see oil economics impact the dollar price, but it is certainly a move in that direction. [https://www.forbes.com/sites/gauravsharma/2018/11/30/market-chatter-about-rise-of-petro-yuan-misses-mark-by-several-trillion-dollars/](https://www.forbes.com/sites/gauravsharma/2018/11/30/market-chatter-about-rise-of-petro-yuan-misses-mark-by-several-trillion-dollars/)

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I see it as another move by other countries trying to break dollar hedgemony over oil. Other initiatives include the creation of the "Petro-Yuan" but as this forbes article suggests, I think there is along way to go before we see oil economics impact the dollar price, but it is certainly a move in that direction. [https://www.forbes.com/sites/gauravsharma/2018/11/30/market-chatter-about-rise-of-petro-yuan-misses-mark-by-several-trillion-dollars/](https://www.forbes.com/sites/gauravsharma/2018/11/30/market-chatter-about-rise-of-petro-yuan-misses-mark-by-several-trillion-dollars/)