The Organisation of Petroleum Exporting Countries (OPEC) and the world’s most populous country, China, have agreed to the necessity of intensifying cooperation between both parties and in the interest of the global economy.
At the Second High-level Meeting of the OPEC-China Energy Dialogue which was held on recently in Beijing, both parties agreed to explore methods to implement and operationalize the constructive intent for enhanced relations.
During the meeting which was co-chaired by Nur Bekri, Vice Chairman of China’s National Development and Reform Commission (NDRC) and Administrator of the National Energy Administration, and the OPEC Secretary General, Mohammad Sanusi Barkindo, three concrete actions were agreed in order to achieve mutually beneficial outcomes.
It was agreed that meetings at the technical expert level will take place on a regular basis between the High-level Meetings of the OPEC-China Energy Dialogue. These will facilitate an increase in the sharing of data, information and outlooks, which both parties agree are crucial to help overcome challenges in the market. In particular, it was stressed that such exchanges should focus on technological developments and implications.
Furthermore, experts from OPEC and China will collaborate to write a specific section of OPEC’s flagship publication, the World Oil Outlook (WOO), in 2018. The topics will focus on energy and oil developments and perspectives in China. It is intended that this new section will become a regular feature of the WOO and can serve as the basis for joint research and technical collaboration.
China agreed to participate at the 7th International OPEC Seminar, scheduled to take place on 20-21 June 2018 in Vienna, by sending high-level participants from relevant government agencies. China also agreed to encourage Chinese national oil companies to attend and participate at the Seminar as well.
Bekri thanked OPEC for its role in rebalancing the global oil market and provided an overview of China’s energy policy. On his part, Barkindo emphasized the critical and expanded role that China will play in future energy demand and the desire to pool collective expertise. He stressed that it is only through open and transparent dialogue and a spirit of collegiality among all stakeholders that challenges can be overcome and mutually beneficial outcomes reached.