A turning point in relations

OPEC announced today that its second high level meeting with China produced good will all around and it listed agreements between the countries as to the development of oil resources and sharing technologies to do so.

“Both parties agreed that the meeting marked a turning point in relations between China and OPEC. The importance of China as a major consumer and producer of oil, as well as an engine of global economic growth, makes intensified cooperation between both parties a necessity. This is not only in the interests of China and OPEC Member Countries, but also the global economy,” OPEC said in a press release about the meeting.

Agreements reached between OPEC and China

  • Meetings at the technical expert level will take place on a regular basis to facilitate sharing of data, information and outlooks. “In particular, it was stressed that such exchanges should focus on technological developments and implications.”
  • China will collaborate to write a specific section of OPEC’s flagship publication, the World Oil Outlook (WOO), in 2018, bring in oil developments and perspectives in China.
  • 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.

OPEC emphasized the “critical and expanded role that China will play in future energy demand” and the desire to pool collective expertise.

Experts from China presented on the country’s 13th Five-Year Plan in relation to China’s oil and gas industry and related policies, as well as the current situation and prospects for oil and gas development in China.

“Our Chinese friends have been warm and hospitable hosts. Given the enormous goodwill on both sides, I look forward to the many accomplishments that will be achieved in the future as a result of the thriving OPEC-China partnership,” OPEC’s secretary general said of the meeting.

A third meeting of the OPEC-China Energy Dialogue will take place in Vienna in 2018.

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