OPEC and China: Oil Plays a Pivotal Role in Meeting Current and Future Global Energy Demand
OPEC and China emphasized the importance of oil in meeting global demand and agreed to hold the ninth Energy Dialogue meeting in Vienna in 2027.
Translated by Qiyas from كونا — Original source
Beijing, Sept 23 (KUNA) -- The Organization of the Petroleum Exporting Countries (OPEC) and China reaffirmed today, Wednesday, China’s pivotal role in supporting global economic growth and energy demand, emphasizing the importance of oil in meeting current and future global energy needs. This was stated in a press release issued by OPEC following the eighth high-level meeting of the OPEC-China Energy Dialogue, held in the Chinese capital, Beijing, with the participation of several senior officials from the energy sector. The meeting was co-chaired by OPEC Secretary General Haitham Al-Ghais and Wang Hongzhe, Chairman of China’s National Energy Administration.
Discussions focused on oil market stability, energy security, and the importance of providing adequate and timely investments across various segments of the oil industry, alongside an overview of short-, medium-, and long-term oil market outlooks. Both sides noted that OPEC’s World Oil Outlook 2026 projects China to remain one of the largest contributors to global oil demand growth through 2050.
For his part, Wang Hongzhe welcomed Al-Ghais and his delegation in his speech, emphasizing that the global energy sector is currently undergoing profound changes, making dialogue and cooperation between oil-producing and consuming countries of paramount importance. He stated that China has long regarded OPEC as an important force and partner in the global energy governance system, noting that since the establishment of the bilateral dialogue mechanism in 2005, China and OPEC have successfully held seven high-level meetings and three roundtables, while continuing to play a constructive role in global energy governance.
He added that China looks forward to strengthening traditional friendship and deepening practical cooperation with OPEC and its member states in the current and future stages, working together to address global energy challenges, thereby contributing to global energy market stability and sustainable development.
For his part, Al-Ghais underscored the depth of relations reinforced by the OPEC-China Energy Dialogue, marking 20 years since the first official event of the bilateral dialogue. He explained that this relationship has evolved into a sustainable framework for cooperation on shared energy interests, particularly supply security, energy demand, and market stability. He further noted that the strength of this relationship has developed closely in tandem with China’s remarkable economic transformation, highlighting that many OPEC member states have contributed and continue to contribute to China’s significant economic development by providing energy through reliable supplies.
Al-Ghais expressed OPEC Secretariat’s sincere gratitude and appreciation to Wang Hongzhe and the team at China’s National Energy Administration for hosting the meeting. Both sides reaffirmed their shared commitment to deepening energy cooperation and enhancing technical and high-level bilateral cooperation as they look ahead. The two parties agreed to hold the ninth high-level meeting of the OPEC-China Energy Dialogue in 2027 in Vienna, Austria. (End) K.M. / H.T. / N.W.F.
