Russia’s Sechin says China, not OPEC, calls shots on global energy markets

VLADIVOSTOK: 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.

“This year, China has effectively taken the lead from OPEC and, without being a member of any cartel, has managed to stabilise the global oil market by cutting its oil imports by 5.5 million barrels per day,” Sechin said.

Sechin, known for his skepticism towards OPEC, said China will get more influence on the energy markets as the number of OPEC members is declining.

“I believe that further growth in China’s reserves will strengthen China’s role in the energy market, against a backdrop of OPEC’s waning influence and a reduction in the number of its members,” Sechin said.

Earlier this year, the United Arab Emirates declared its withdrawal from the group.