China’s launch of a yuan-denominated oil futures exchange will provide it with the opportunity to create an Asian crude oil benchmark and give it more clout in crude pricing and for promoting the yuan as a truly global currency.

Crown Prince Salman has been using oil as a tool to further his political ambitions both domestically and internationally, and Saudi Aramco acts as a nucleus around which his ambitions revolve.

If India gets a stake in the proposed Aramco IPO, it would mean getting a share of profits from one of the world’s largest and most profitable companies.

Although President-elect Trump has declared his intention to deregulate the fossil fuel sector in order to make America less energy import dependent, but over time, this will lead to an increase in supplies in an already over-supplied oil (and gas) market and send prices into a further downward spiral.

The longer the price of oil remains depressed, India, like other major oil importers, will not only increase its dependence on crude imports, but it will also become more dependent on OPEC.