Rosneft CEO: China has replaced OPEC as global oil market stabilizer

Rosneft CEO Igor Sechin stated at the VIII Russia-China Energy Business Forum in Vladivostok that China has replaced OPEC as the primary stabilizer of global oil markets. Sechin noted that China has transitioned from a mere importer to a dominant market force, acting as a flexible ‘swing buyer’ through the use of its massive strategic reserves.

During recent tensions in the Persian Gulf, China utilized an estimated 1.4 billion barrels of strategic and commercial reserves to manage supply disruptions. By reducing oil imports by approximately 5.5 million barrels per day, China helped prevent oil prices from potentially rising by an additional $30 per barrel.

Sechin highlighted that China’s ability to mitigate market volatility is supported by its integrated energy system, including large-scale electrification and a shift toward renewable energy and coal. He also emphasized the growing importance of the energy partnership between Russia and China, alongside the need for diversified supply routes and resilient infrastructure to counter geopolitical risks in traditional maritime corridors like the Strait of Hormuz.