Oil Market Analysis - Top Consumers to Create a Block

Top Consumers who are also top importers India and China to Create a Block. Japan and South Korea also could join. This would form a counter balance to OPEC, Russia and US who have had influence on global oil prices. 

Currently US is still top consumer of oil with 20M Barrels/day (8 M is imported and 12M is produces locally). China daily consumes 13.5M (Imports 8M) and India daily consumes 5M(Imports 5M). However US consumption is growing at 0.5% while China is growing at 5% and India could grow between 5-10%. So over next 2-3 decades China and India are the markets to be and hence Saudi Arabia, Russia are making strategic moves to lock in deals with India, China and also Japan and South Korea. 

Inspire of Electric vehicles taking market share Oil is here to stay for next 3-5 decades.