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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.
AI Summary
China’s spring and summer crude purchases have steadied global oil markets, shifting influence from OPEC to Beijing, Rosneft CEO Igor Sechin said. Sechin, a long‑time critic of OPEC and ally of Vladimir Putin, described China as the ultimate swing buyer on the world market. The Russian executive noted that China has taken the initiative in oil market dynamics, replacing OPEC’s previous role. No further actions or outcomes were mentioned.
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