The Organization of Petroleum Exporting Countries (OPEC) on Monday, October 21, declared that its partnership with the Peoples Republic of China has made it to have a stable global oil market.
In the Third High-level meeting of the OPEC-China Energy Dialogue in Vienna, Austria, the organisation claimed that China as the world’s largest importer of crude oil has acquired the majority of its member countries’ oil.
The meeting was co-chaired by the administrator of the National Energy Administration, People’s Republic of China, Zhang Jianhua, and OPEC Secretary-General, Mohammad Sanusi Barkindo.
The secretary-general, International Energy Forum, Sun Xian Sheng, in his opening remarks said: “China is an essential trade partner for OPEC countries, the significance of which has grown greatly in recent decades, as well as being one of the largest and fastest-growing energy consumers.”
Sheng said the meeting was an excellent platform for knowledge exchange and the deepening relationship between China and OPEC in the interest of a stable oil market.
He said with China’s growing capacity, as a leading consumer of crude oil, a strong collaboration with OPEC was essential for the interests of both, as well as the global economy.