04.09.2026, 12:52
The head of Rosneft, Igor Sechin, announced that China had intercepted OPEC's initiative in the oil market
Source: OREANDA-NEWS
OREANDA-NEWS China has completed its transformation from a major consumer and importer of oil to one of the leading players in the global oil market. This was stated by Igor Sechin, Executive Secretary of the Presidential Commission for the Development Strategy of the Fuel and energy Complex, Chief Executive Officer of Rosneft.
"In many ways, this became possible due to the formation of significant oil reserves — the largest in the world," Sechin added, speaking at the opening of the VIII Russian-Chinese Energy Business Forum.
According to him, today these reserves are estimated at 1.4 billion barrels. Such reserves, together with a well-developed electric power infrastructure, give China significant leverage over the global oil market.
"This year, China actually seized the initiative from OPEC and, without joining any cartels, was able to stabilize the global oil market by reducing oil imports by 5.5 million barrels per day," Sechin said.
According to experts cited by Sechin, without the measures taken by China, the price of oil could have increased by an additional $ 30 per barrel. Igor Sechin recalled that the topic of reserving fossil fuels is given special attention in the plan of the 15th five-year plan.
"I believe that the further growth of Chinese reserves will strengthen China's role in the energy market against the background of declining OPEC influence and a reduction in the number of its participants," said the head of Rosneft.
Igor Sechin explained that China's energy policy is based on the principle of "Living in peace, remember danger," formulated by Chinese President Xi Jinping. The philosophy of this approach is based on the centuries-old tradition of China.
"In peace, do not forget about danger, in safety, do not forget about death, in order, do not forget about turmoil," wrote Confucius, commenting on the Book of Changes.
"In many ways, this became possible due to the formation of significant oil reserves — the largest in the world," Sechin added, speaking at the opening of the VIII Russian-Chinese Energy Business Forum.
According to him, today these reserves are estimated at 1.4 billion barrels. Such reserves, together with a well-developed electric power infrastructure, give China significant leverage over the global oil market.
"This year, China actually seized the initiative from OPEC and, without joining any cartels, was able to stabilize the global oil market by reducing oil imports by 5.5 million barrels per day," Sechin said.
According to experts cited by Sechin, without the measures taken by China, the price of oil could have increased by an additional $ 30 per barrel. Igor Sechin recalled that the topic of reserving fossil fuels is given special attention in the plan of the 15th five-year plan.
"I believe that the further growth of Chinese reserves will strengthen China's role in the energy market against the background of declining OPEC influence and a reduction in the number of its participants," said the head of Rosneft.
Igor Sechin explained that China's energy policy is based on the principle of "Living in peace, remember danger," formulated by Chinese President Xi Jinping. The philosophy of this approach is based on the centuries-old tradition of China.
"In peace, do not forget about danger, in safety, do not forget about death, in order, do not forget about turmoil," wrote Confucius, commenting on the Book of Changes.
Комментарии