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OPEC-China Energy Dialogue: An Avenue For Global Oil Market Stability

Mr Zhang Jianhua, Administrator, National Energy Administration, the People’s Republic of China, has lauded the high-level energy dialogue between China and Organisation of Petroleum Exporting Countries member countries.

Jianhua said the dialogues had jointly maintained global oil market stability.

Jianhua made this known at the Sixth High-level Meeting of the OPEC-China Energy Dialogue, held in Beijing, P.R. China, which he co-chaired with OPEC Secretary-General, Mr Haitham Al Ghais.

In a statement by OPEC, Zhang said the dialogues helped jointly in consolidating and expanding oil trade between China and OPEC Member Countries, which were both of common interest.

He described China and OPEC as 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,” he said.

OPEC Secretary-General, emphasised that OPEC attached tremendous importance to its dialogue partnership with China and was determined to reinforce and strengthen it.

He noted that the parties had established a balanced, pragmatic framework for cooperation, and developed an ongoing exchange of views at all levels on energy issues of common interest.

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.

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In an address, the Permanent Representative of China to the UN and other International Organisations in Vienna, Amb. Li Song, appreciated the stable cooperation and long-term communication between OPEC and China.

Li said this contributed positively to the global economy and energy security.

The envoy envisaged that China’s new phase of development would open up opportunities for OPEC and its Member Countries in terms of market access, energy transition and shared prosperity.

Experts from both sides exchanged perspectives on the oil market outlook in the short-, medium- and longer-term, and the ongoing “Declaration of Cooperation” process, addressing sustainable development, prospects for the energy transition and other topics of mutual interest.

Both parties are committed to strengthening cooperation going forward, particularly within the realm of information and data sharing, technological exchange and addressing issues related to the energy transition.

The Seventh High-level Meeting of the OPEC-China Energy Dialogue is scheduled to take place at a convenient time in 2024.

Source: Punch

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