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Rosneft CEO: China Calls The Shots in Oil Markets, Not OPEC

China and its crude oil buying behavior in the spring and summer have stabilized global oil markets as Beijing, not OPEC, is calling the shots now, according to Igor Sechin, chief executive of…

  • Igor Sechin, Rosneft CEO, says China dictates global oil market, not OPEC.
  • China cut crude oil imports by 5.5 million bpd, stabilizing market.
  • China withdrew from spot market, reducing imports by up to 40% in June.

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