Rosneft CEO: China, Not OPEC, Is Now Calling the Shots in Oil Markets

Igor Sechin, chief executive of Russia's state-controlled oil giant Rosneft, asserted that China, not OPEC, has been the primary force in stabilizing global oil markets this year. Speaking at a Russian-Chinese business forum in Vladivostok, Sechin stated that China's reduction in crude oil imports by approximately 5.5 million barrels per day has effectively taken the lead from OPEC. He noted that China's significant crude oil stockpiles, estimated at up to 1.4 billion barrels before the Iran war, allowed it to slash imports when prices spiked. Sechin further suggested that China's growing reserves will enhance its influence in the energy sector, particularly as OPEC's membership and overall sway are diminishing. Sechin, a prominent figure in the Russian energy sector and an ally of President Vladimir Putin, has historically expressed skepticism towards OPEC's effectiveness.