Chinese buyers threaten Gulf exporters pricing power

Gulf oil exporters could find their market power reduced when selling to China in the future, if a proposal from Chinese oil companies to form a new buying bloc is realised. Sinopec, CNOOC, PetroChina and Sinochem are considering co-ordinating their purchases, Bloomberg reported. Some 44% of Chinese crude imports come from the Gulf; Saudi Arabia makes up the largest components at 16% of the total.