China, a major oil consumer and producer, and the Organization of the Petroleum Exporting Countries (OPEC) plan to intensify their cooperation, the global oil cartel announced late Wednesday.
According to the statement, the parties agreed to take three 'concrete actions to achieve mutually beneficial outcomes.'
China and OPEC plan to organize meetings at the technical expert level, with the aim of focusing on technological developments and in overcoming challenges in the market.
To strengthen the cooperation, both sides agreed to collaborate on writing a specific section about energy and oil developments and perspectives in China in the OPEC’s World Oil Outlook 2018.
China, an engine of global economic growth, will send high-level participants and will encourage its national oil companies to attend and participate in the 7th International OPEC Seminar on June 20-21, 2018 in Vienna.
Mohammad Sanusi Barkindo, administrator of the National Energy Administration and OPEC secretary general, emphasized China's critical and expanded role in future energy demand and the desire to pool collective expertise.
“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,” Barkindo said.
China is one of the world’s largest oil consumers and its oil imports growth is one of the most closely watched indicators for impacting trends in the industry.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr