Will China Forming Oil Buying Cartel End the Petrodollar? | WHAT REALLY HAPPENED

Will China Forming Oil Buying Cartel End the Petrodollar?

China is building a buyer’s group (or cartel) comprised of its major state oil companies. I’m frankly surprised that this wasn’t already the case, since everything else is tightly controlled in China.

A report from Bloomberg (via Investing.com) states that:

Senior executives from China Petroleum (NYSE:SNP) & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of the plan, said people familiar with the initiative, who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.

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