According to Russian Satellite News Agency, on September 4th local time, Igor Sechin, the Executive Secretary of the Russian President's Energy Development Strategy and Ecological Safety Committee, and the President of Russian Oil Company, stated that China has helped stabilize the oil market in the context of the Gulf of Hormuz crisis.
On that day, during the eighth China-Russia Energy Business Forum held at the Eastern Economic Forum, Xie Qin said: 'This year, China has actually taken the initiative from OPEC. Without joining any monopoly organizations, by reducing oil imports by 5.5 million barrels per day, China has successfully stabilized the global oil market.'
According to expert assessments cited by Xie Qin, if China had not taken the above measures, oil prices might have risen by an additional $30 per barrel.
He pointed out that China has successfully transformed itself from a large consumer and importer to an active market leader. This is largely due to China having established the world’s largest oil reserves. These reserves, combined with its advanced electrical infrastructure, provide China with a powerful leverage to influence the global oil market.
Xie Qin mentioned that the issue of fossil fuel reserves received special attention in the "15th Five-Year Plan". He said, "I believe that with the decline in OPEC's influence and the reduction in the number of member countries, further growth in China's reserves will strengthen China's role in the energy market."
