Key facts
- China has stabilized global oil markets by reducing crude imports by 5.5 million barrels per day this year.
- Igor Sechin, chief of Rosneft, made these remarks at a Russian-Chinese business forum.
- Sechin believes China's growing reserves will strengthen its role in the energy market.
- Sechin noted a decline in OPEC membership and influence.
Igor Sechin, the 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 5.5 million barrels per day has effectively taken the lead from OPEC. He 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.