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Asian oil consumers need a voice at OPEC

China, India, Japan and South Korea must lead the way in winning influence

| Iran
Despite the high share of oil purchases, Asia's major oil-importing countries have had only limited influence on oil prices. (Photo by Akiyoshi Inoue)

The drop in oil prices that has followed the weekend OPEC meeting in Vienna is clearly good news for consumers in Asia, the largest and fastest-growing market.

After weeks of argument, the oil-producing countries agreed to increase output by up to 1 million barrels a day in an effort to cool a rally that has seen prices surge to their highest levels since 2014.

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