India & China join hands on oil

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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. Efforts have been made by the world’s second- and third-largest oil importers to find common ground and energy cooperation is one of the key areas where the two sides can collectively bargain for better prices from producers. Iran is important for the energy security of India and China as it is one of the largest suppliers of crude to the two major economies and the supply disruption due to US sanctions has huge strategic and economic costs for the two countries, Indian officials said on condition of anonymity.