Gulf producers must adjust to China’s oil pricing power | The National

Gulf producers must adjust to China’s oil pricing power | The National:

"The growing dominance of China in Asian oil trading is a problem that will not go away for Arabian Gulf crude producers.

The question now is whether the new generation of technocrats that in recent months have taken over the national oil companies in Riyadh, Abu Dhabi and elsewhere in the region will act on pledges to be more transparent and efficient by modernising crude oil trading with their major Asian clients, especially China.

The fact that China has become not only Asia’s dominant oil buyer but the world’s swing consumer was underlined last week by Platts, an arm of McGraw Hill Financial whose oil pricing system is a linchpin of Asian oil trading."



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