China, Not OPEC, Calls Shots on Global Energy Markets – Sechin
Igor Sechin, chief of Russia’s top oil producer Rosneft and one of President Vladimir Putin’s most influential allies, said on Thursday that China, not OPEC, is now stabilizing global oil markets.
Speaking at a Russian-Chinese business forum in the far eastern city of Vladivostok on September 4, Sechin said China has effectively taken the lead from the cartel.
“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, according to Reuters.
Sechin, who is known for his longstanding scepticism towards OPEC, argued that Beijing’s influence will only grow as OPEC’s membership shrinks. Earlier this year, the United Arab Emirates declared its withdrawal from the group.
“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,” he said.
The comments highlight how China’s import decisions and strategic reserve management are increasingly dictating global oil price stability, overtaking OPEC’s traditional role as market balancer. While OPEC and its OPEC+ allies including Russia have historically cut or increased production to manage prices, Sechin pointed to China’s reduction of 5.5 million barrels per day in crude imports this year as the decisive stabilizing factor.
Sechin’s remarks come as Russia deepens energy ties with China amid Western sanctions and as Beijing builds up storage capacity and diversifies supply routes to reduce exposure to Middle East disruptions in the Strait of Hormuz. #China, Not OPEC, Calls Shots on Global Energy Markets – Sechin# China Urges U.S. to Repeal Drone Tariffs
