as a indian , i am surprised...
Just know all the involved countries will have to create a unified stage to control Oil price. China has too much at stake not to do that. However, if it does that, it may have to cede to the demands of the US to raise the value of Yuan. If China does build its stockpile, then that will push the Oil price to new highs, weakening China's position in the US markets. Almost half of China's Oil comes from the Middle East. I also remember reading somewhere that China suspended newer approvals on nuclear facilities, after the Japan incident. So now you know what is at stake, and what is not, regarding China.
About India, the Oil price hike in itself is a nightmare, which, if forced on to the consumers, may bring in political instability. India does not even have other alternatives of energy, and the stockpile is almost nothing compared to China or the US. Almost completely dependent on import, India's economy will slow down considerably,
if - there are any more protests in any Middle East kingdoms. The only good news for India are, no significant dependence on Oil imported from Libya, and a slight closing in the gap with China. Thankfully, India's economy is not as dependent on Oil as is that of China.
Now you see, why India just abstained. But why China did not veto, I can't figure out. About India, it is not easy to vote 'against' when so much is at stake for the US. Everything was decided and prepared in last week of Feb when the US quietly emptied its embassy before announcing it was going to throw in sanctions against Libya.
