India, China latest to challenge OPEC: report

India and China are in talks to form an organisation of oil consumers that would be able to challenge OPEC’s grip on crude prices, local and international media reported on Thursday.

While the idea has been floated around for some time, formal talks have started in Beijing this week, the Times of India reported.

The news came as OPEC prepares to meet next week to discuss a possible easing of global production caps in place since last year.

Also on Thursday, Bloomberg quoted Saudi Arabia’s energy minister Khalid Al Falih as saying that a deal to gradually increase production was “inevitable.” Key non-OPEC producers such as Russia are also pushing to relax the production cut agreement.

Among recent critics of OPEC’s control over oil prices has been US President Donald Trump, who, according to an earlier Bloomberg report recently requested that OPEC increase production by 1 million bopd.

“Oil prices are too high, OPEC is at it again,” President Trump tweeted on Wednesday. “Not good!”