OPEC-China alliance key to global oil market stability

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Participants at the Sixth High-level Meeting of the OPEC-China Energy Dialogue in Beijing.(@OPECSecretariat)
  • OPEC Secretary-General Haitham Al Ghais emphasizes the importance of the dialogue partnership with China, with a plan to reinforce and strengthen it
  • A balanced framework for cooperation between OPEC and China has been established, facilitating an ongoing exchange of views on mutual energy issues, he says

BEIJING – The Organization of the Petroleum Exporting Countries (OPEC) attaches tremendous importance to its dialogue partnership with China and is determined to reinforce and strengthen it, said OPEC Secretary-General Haitham Al Ghais.

He added that a pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual energy issues at all levels.

Speaking at the Sixth High-level Meeting of the OPEC-China Energy Dialogue, which is held in Beijing, the People’s Republic of China, the Secretary-General provided an overview of OPEC’s ongoing activities, together with 10 non-OPEC producing countries, under the “Declaration of Cooperation” to support sustainable oil market stability, which benefits producers and consuming nations.

In his remark, Zhang Jianhua, Administrator of the National Energy Administration, the People’s Republic of China, highlighted that China and OPEC are important strategic partners. Since the establishment of the dialogue mechanism between the two parties in 2005, communication on policy has been maintained through round-table meetings and high-level dialogues.

“Both parties have achieved positive results in helping jointly maintain stability of the global oil market as well as consolidating and expanding oil trade between China and OPEC Member Countries, which are both of common interest.”

Li Song, the Permanent Representative of the People’s Republic of China to the UN and other International Organizations in Vienna, also lauded the stable cooperation and long-term communication between OPEC and China. In his opening speech, delivered via video, he emphasized how this relationship positively impacts the global economy and energy security.

The Ambassador further expressed optimism that China’s new phase of development would present opportunities for OPEC and its Member Countries in terms of market access, energy transition, and shared prosperity. He also pledged that the Permanent Mission of China in Vienna would continue to act as a vital bridge in facilitating cooperation between the two parties.

In the meeting, experts from both sides exchanged views on the oil market outlook in the short-, medium-, and longer-term. They also discussed the ongoing “Declaration of Cooperation” process, addressing sustainable development, prospects for the energy transition, and other topics of mutual interest. Both parties expressed commitment to enhancing cooperation, particularly in the areas of information and data sharing, technological exchange, and addressing issues related to the energy transition.