China’s dominance over India in overseas oil has been on clear display, but there is reason to believe that the competitive landscape may be changing The race between China and India for global oil resources was over before it started. From Central Asia to Africa, China’s large and powerful national oil companies outmuscled their smaller Indian counterparts. But the recent plummet in international oil prices, from a peak of $115 per barrel in mid-June to below $70 in early December, presents a rare opportunity to India. If lower oil prices are sustained throughout next year, Indian national oil companies will find the cost of overseas mergers and acquisitions more affordable. They may also discover Chinese competition to be less severe. China’s oil giants have slowed down their international activity of late and become preoccupied with developments at home.