Igor Sechin says China stabilized the global oil market after reducing its crude oil imports by 5.5 million barrels per day

Rosneft CEO Igor Sechin says China has taken over from OPEC as the main factor stabilizing the global oil market. He made the statement on Thursday at the Eastern Economic Forum in Vladivostok, amid the organization’s declining influence and the withdrawal of some members. According to Sechin, Beijing has reduced its crude oil imports by 5.5 million barrels per day this year, a measure that the Rosneft chief says has helped balance the market. He also argued that China’s accumulation of reserves will strengthen the country’s influence over energy markets.

The statements come after the United Arab Emirates officially left OPEC on May 1. Venezuela, in turn, is considering a possible withdrawal, according to Bloomberg. OPEC was created in 1960, while the OPEC+ format emerged in 2016 through the inclusion of Russia and other producers. Reuters calculations based on data from the International Energy Agency show that OPEC+ accounted for approximately 40% of global oil production in July, down from more than 48%. The organization’s core group accounted for approximately one-quarter of global production. The UAE’s withdrawal and regional tensions have reduced OPEC+’s ability to quickly adjust supply.