Russia’s Sechin: China, Not OPEC, Shapes Global Energy Markets
VLADIVOSTOK, Sept 4 (Reuters) – Igor Sechin, the head of Russia’s largest oil producer, Rosneft, asserted that China is the new stabilizing force in global oil markets, having cut its crude imports by 5.5 million barrels per day this year, surpassing the efforts of OPEC.
Speaking at a Russian-Chinese business forum in Vladivostok, Sechin noted, “This year, China has effectively taken the lead from OPEC and, without being a member of any cartel, has managed to stabilize the global oil market.”
He expressed skepticism towards OPEC’s relevance, suggesting that as its membership shrinks, particularly with recent withdrawals like that of the United Arab Emirates, China’s influence will only grow. “I believe that further growth in China’s reserves will strengthen China’s role in the energy market,” he stated.
This shift indicates a significant change in global energy dynamics, with China emerging as a central player beyond traditional OPEC constraints.
(Reporting by Vladimir Soldatkin; Editing by Tomasz Janowski and Gleb Bryanski)
