India and China are working closely on common trade concerns, including cooperation in buying oil and gas, against the backdrop of a US squeeze through tariffs and sanctions on Iranian oil imports, officials with direct knowledge of the matter said. Among issues that India and China can jointly work on is the “Asian premium” charged by the Organization of Petroleum Exporting Countries (OPEC), the officials said. The new arrangement marks a significant shift from the times when India and China often competed with each other to acquire stakes in oil and gas fields in Asia and Africa. Though India has raised the issue of flexibility on the sanctions on Iranian oil, the US has been non-committal. On Monday, visiting US commerce secretary Wilbur Ross said his country will not ensure sale of cheaper oil to India as the commodity is controlled by private firms.

Source: Hindustan Times May 07, 2019 01:52 UTC