Oil importers meet in Beijing demanding bigger say in price of oil

Top energy officials from major oil importers the United States, Japan, the Republic of Korea and India met in Beijing Monday with their Chinese counterparts to explore ideas about restraining and stabilizing crude oil prices.

“The five giant oil consumers are turning from competitors into cooperators,” said Li Xiaogang with the Foreign Investment Research Institute of the Shanghai Academy of Social Sciences.

“If they could team up to balance OPEC, the world’s crude oil market would fluctuate less,” Lin Boqiang, director of the China Energy Research Institute at Xiamen University, told China Business on Monday.
People’s Daily