Russia says China is emerging as a new stabiliser of global oil markets

VLADIVOSTOK: China is taking on a growing role in global oil markets and could become an increasingly important force in maintaining energy market stability, according to Igor Sechin, chief executive of Russia’s state-owned oil giant Rosneft.

Speaking at a Russian-Chinese business forum in Vladivostok, Sechin said China had played a major role in stabilising the global oil market by sharply reducing its crude oil imports this year.

“This year, China has effectively taken the lead from OPEC,” Sechin said, claiming that China had reduced its oil imports by around 5.5 million barrels per day.

He said China’s influence over global energy markets could expand further in the coming years, particularly as the influence and membership of the Organisation of the Petroleum Exporting Countries (OPEC) changes.

“I believe that further growth in China’s reserves will strengthen China’s role in the energy market,” Sechin said.

OPEC has traditionally been one of the most influential forces in global oil markets, using coordinated production decisions to influence supply and prices. China, by contrast, is not part of the organisation or its production agreements. Its influence comes primarily from its position as one of the world’s largest oil consumers and importers.

Sechin argued that changes in China’s crude purchasing patterns can have a major impact on global supply and demand. A substantial reduction in Chinese imports can alter market expectations and influence prices even without China being part of a formal producer alliance.

The Rosneft chief also linked China’s growing influence to what he described as the weakening position of OPEC. He pointed to a reduction in the organisation’s membership as one factor that could contribute to a shift in global energy influence.

Earlier this year, the United Arab Emirates announced its withdrawal from OPEC, adding to wider debate over the future strength and cohesion of the oil producers’ group.

Sechin has historically been sceptical about the value of Russia’s cooperation with OPEC. His latest comments indicate that Moscow may increasingly view China, rather than traditional producer alliances, as a key force shaping the future of global energy markets.

The remarks also reflect Russia’s broader strategic shift towards Beijing. China has become an increasingly important market for Russian crude, particularly as Russia’s access to several traditional Western energy markets has declined amid geopolitical tensions and sanctions.

The expanding energy relationship between Moscow and Beijing has consequently become a central part of Russia’s economic strategy.

Sechin’s comments suggest that Russia sees China’s growing energy reserves, purchasing power and influence over global demand as increasingly important factors in determining the direction of international oil markets.