In a statement delivered at a Russian-Chinese business forum in Vladivostok, Igor Sechin, the chief executive of Russia’s leading oil producer Rosneft, asserted that China, rather than OPEC, has played the pivotal role in stabilizing global oil markets. According to Sechin, China’s reduction of crude oil imports by 5.5 million barrels per day this year has effectively shifted the balance of influence in the energy sector, despite China not being a member of any oil cartel.
Sechin, a prominent figure in Russia’s energy sector and a close associate of President Vladimir Putin, expressed skepticism towards OPEC’s ongoing influence. He predicted an increase in China’s sway over energy markets, attributing this to the growth of China’s oil reserves and the concurrent decline in OPEC’s membership and authority. This perspective was underscored by the recent announcement of the United Arab Emirates’ withdrawal from OPEC earlier in the year.