China emerges as oil market ‘stabiliser’ as OPEC influence fades: Russia

Russia’s top oil producer Rosneft chief Igor Sechin has praised China for taking a leading role in stabilizing global energy and oil markets especially at a time of disruption driven by persistent closure of Strait of Hormuz.

Speaking at a Russian Chinese business forum in Vladivostok, Sechin said China has emerged as a stabilizer force by cutting down crude imports by 5.5 million barrels per day this year.

"This year, China has effectively taken the lead from OPEC and, without being a member of any cartel, ​has managed to stabilise the global oil ​market by cutting its oil imports by 5.5 million barrels ‌per ⁠day," Sechin said.

According to Sechin, in the coming months or years China will gain more influence over the energy markets as the number of OPEC members is reducing. Earlier this year, the UAE announced its withdrawal from OPEC group, sending shockwaves across the energy markets.

"I ⁠believe that further growth in China’s reserves will strengthen China’s role ​in the energy market, against a ​backdrop ⁠of OPEC’s waning influence and a reduction in the number of its members," Sechin added.

The remarks coming from Russia shows the balance of power shifting in the global energy markets in the favour of China. For years, OPEC has been the major player in influencing oil prices through coordinated production decisions, now the entry of China is another determinant responsible for affecting the market through oil demands and purchasing decisions.

Igor Sechin has historically viewed OPEC with skepticism, frequently doubting the true value of Moscow's cooperation with the group.

Rather than focusing on traditional producer alliances, Moscow's recent outlook positions China as the primary force shaping global energy dynamics.

This shift mirrors Russia's broader pivot toward Beijing, establishing China as an indispensable market for Russian crude and underscoring a strategic realignment in Moscow's energy policy away from traditional multilateral frameworks.