VLADIVOSTOK, September 4. /TASS/. China has effectively taken the initiative from OPEC in stabilizing the global oil market this year, Executive Secretary of the Russian Presidential Commission on the Strategy for the Development of the Fuel and Energy Sector and Environmental Security and Rosneft CEO Igor Sechin said at the Russia-China Energy Business Forum held as part of the Eastern Economic Forum.
"This year, China has effectively taken the initiative from OPEC and, without joining any cartels, managed to stabilize the global oil market by reducing oil imports by 5.5 mln barrels per day. Experts estimate that had these measures not been taken, oil prices could have risen by an additional $30 per barrel," he said.
According to Sechin, China has successfully transformed from a major energy consumer and importer into an active market leader. This has been made possible to a large extent by the accumulation of the world's largest oil reserves, totaling 1.4 bln barrels, the Rosneft CEO noted.
"Such reserves, combined with well-developed electric power infrastructure, give China powerful leverage over the global oil market," he said.
"I believe that further growth in China's reserves will strengthen its role in the energy market amid declining OPEC influence and a reduction in the number of its members," Sechin concluded.
