(EnergyAsia, October 31, Friday) — Oil has become the focus of increasing tensions in global power politics, with China and India revving up the competition for resources against the US.
Much of the US global predominance is based on its access to inexpensive energy sources around the world, particularly oil.
However, as China and India are growing rapidly they are increasingly clashing with the US over access to oil, gas and other resources in countries in Africa, Asia and Latin America.
China has already invested some $15 billion in foreign oil fields while India’s oil investments abroad are estimated at some $3 billion to date.
Also, both countries are following the US in setting up massive strategic petroleum reserves (SPRs), a move that will put pressure on world supplies.
A particular point of contention is Iran where India and China seem to be undermining US efforts to isolate that country over its nuclear programme. Iran, with its oil and gas riches, is too big a prize for Beijing and New Delhi to miss out on.