India and China have discussed creating an ‘oil buyers’ club’ to be able to negotiate better prices with oil exporting countries and will be looking to import more U.S. crude oil in order to reduce OPEC’s sway, both over the global oil market and over prices, India’s Petroleum Ministry said on Wednesday. “With oil producers’ cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an ‘oil buyers club’ that can negotiate better terms with sellers as well as getting more US crude oil to cut dominance of the oil block,” a tweet from the Petroleum Ministry’s Twitter account reads. India has been saying for months that oil prices have risen too much to be sustainable for many oil-importing countries. Last month, as Brent Crude prices briefly broke above $80 a barrel—the highest since late 2014—gasoline and diesel prices in India surged to a five-year-high […]