Sechin: China, Not OPEC, Now Drives Global Energy Markets Amid Oil Shift
China's Impact on Global Oil Markets
VLADIVOSTOK, Sept 4 (Reuters) - Igor Sechin, chief of Russia’s top oil producer Rosneft, said on Thursday that China, not OPEC, has stabilized global oil markets by reducing crude imports by 5.5 million barrels per day this year.
Sechin's Remarks at Russian-Chinese Business Forum
Sechin, the most influential Russian energy manager and a long-standing ally of President Vladimir Putin, was speaking at a Russian - Chinese business forum in the far eastern city of Vladivostok.
China's Role in Stabilizing Oil Markets
"This year, China has effectively taken the lead from OPEC and, without being a member of any cartel, has managed to stabilise the global oil market by cutting its oil imports by 5.5 million barrels per day," Sechin said.
OPEC's Declining Influence
Sechin, known for his skepticism towards OPEC, said China will get more influence on the energy markets as the number of OPEC members is declining.
China's Growing Reserves and Market Power
"I believe that further growth in China’s reserves will strengthen China’s role in the energy market, against a backdrop of OPEC’s waning influence and a reduction in the number of its members," Sechin said.
Recent OPEC Developments
Earlier this year, the United Arab Emirates declared its withdrawal from the group.
Reporting and Editorial Credits
(Reporting by Vladimir Soldatkin; Writing by Vladimir Soldatkin; Editing by Tomasz Janowski and Gleb Bryanski)
