Russia’s Sechin Says China, Not OPEC, Calls Shots on Global Energy Markets
Igor Sechin said China cut imports by 5.5 million barrels per day and became the market’s swing buyer as OPEC’s influence waned.
- On Thursday, Rosneft chief executive Igor Sechin stated that China, not OPEC, stabilized global oil markets this year by reducing crude imports by 5.5 million barrels per day.
- Beijing leveraged an estimated 1.4 billion barrels in stockpiles to slash June purchases by 40% compared to pre-war levels, strengthening its position as the ultimate swing buyer.
- During the Middle East crisis, China withdrew from the spot market as the Strait of Hormuz closed, effectively offsetting part of the global supply loss.
- Sechin noted that the United Arab Emirates' departure earlier this year reflects OPEC's waning influence as its member count declines.
- "I believe that further growth in China's reserves will strengthen China's role in the energy market," Sechin said at a Vladivostok forum.
28 Articles
28 Articles
Rosneft CEO: China Calls The Shots in Oil Markets, Not OPEC
China and its crude oil buying behavior in the spring and summer have stabilized global oil markets as Beijing, not OPEC, is calling the shots now, according to Igor Sechin, chief executive of Russia’s biggest oil producer Rosneft. China has strengthened its position of the ultimate swing buyer on the global market and has taken the initiative from OPEC, said the executive, who is considered to be a close ally of Vladimir Putin and who has been …
Igor Sechin, CEO of Rosneft, Russia's leading oil producer, said that OPEC has not stabilized the world oil market, but China. He claims that Beijing has done this by reducing imports of oil from the country by 5.5 million barrels a day this year, reports Reuters and Agerpres. Sechin, the world's leading oil producer, ...
Russia Says China, Not OPEC, Is Driving Global Oil Market Stability
Igor Sechin, chief executive of Russia’s largest oil producer Rosneft, said China has taken a leading role in stabilising global oil markets, arguing that Beijing’s influence is increasingly outweighing that of OPEC. Speaking at a Russian Chinese business forum in Vladivostok, Sechin said China had reduced its crude oil imports by 5.5 million barrels per […]
Al-Monitor
Russia’s Sechin says China, not OPEC, calls shots on global energy markets
VLADIVOSTOK, Sept 4 (Reuters) - Igor Sechin, chief of Russia’s top oil producer Rosneft, said on Thursday that China, not OPEC, has stabilized global oil markets by reducing crude imports by 5.5 million barrels per day this year.Sechin, the most influential Russian energy manager and a long-standing ally of President Vladimir Putin, was speaking at a Russian - Chinese business forum in the far eastern city of Vladivostok.
OPEC has lost the command of crude oil: with 1.4 billion barrels of stocks and a record cut to purchases during the closure of Hormuz, it is China that sets the price of world oil. The energy balances have changed forever. The article Petroleum: the OPEC loses the scepter, now the world price decides it Beijing comes from Economic Scenarios.
Rosneft Chief Says China, Not OPEC, Is Now Stabilizing Global Oil Markets
Igor Sechin, chief executive of Russia’s largest oil producer Rosneft and one of President Vladimir Putin’s most influential energy allies, said China has taken on a greater role in stabilizing global oil markets by sharply reducing its crude imports this year, arguing that Beijing’s influence is increasingly rivaling that of OPEC. Speaking Thursday at a […]
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
