China seeks direct dialogue with OPEC | india | Hindustan Times
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China seeks direct dialogue with OPEC

india Updated: Dec 06, 2006 10:14 IST
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China, the world's second largest energy consumer, is seeking to establish a direct dialogue with the Organisation of Petroleum Exporting Countries (OPEC) to secure a stable oil supply to fuel its booming economy.

Confirming this, Chinese Assistant Foreign Minister Zhai Jun said that China seeks direct negotiations with OPEC.

"Only through this can we maintain security and stability of our oil imports," Zhai was quoted as saying by China Daily at the Arab Strategy Forum in Dubai, United Arab Emirates.

"To foster negotiations and co-operation between China and OPEC is conducive to developing a stable and healthy global energy market," Chinese Foreign Ministry spokesman Qin Gang told a news briefing in Beijing on Tuesday.

Some energy strategy analysts agreed that it is necessary to have co-operation and co-ordination with OPEC to ensure a more stable global energy market.

"Information exchanges between oil producers and consumers can help reduce misunderstanding and mis-judgment of the market," a senior researcher with the China Institute of Contemporary International Relations, Chen Fengying said.

Chen said oil producers need stable market demand; while consumers need stable supplies. Rational prices and a stable market are essential for both parties. Diversified oil suppliers and markets are vital to guarantee energy security, he said.

China has built a strategic dialogue mechanism with the International Energy Agency, an energy policy advisor to mainly rich member countries.

Chen said China now needs to reach out to OPEC to make energy co-operation more comprehensive.

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