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Commodities

China Takes Center Stage in Global Oil Market as OPEC Influence Wanes

Guavy AI Editorial Team
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Oil
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Rosneft CEO Igor Sechin stated that China has become the primary force in stabilizing the global oil market, surpassing OPEC's influence. He made this assertion at the Eastern Economic Forum in Vladivostok on Thursday.

According to Sechin, Beijing reduced its crude oil imports by 5.5 million barrels per day this year, which he believes has helped balance the market.

The comments come after the United Arab Emirates officially left OPEC on May 1 and Venezuela is considering a possible withdrawal, according to Bloomberg.

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