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20 Dec 2017

Second High-level Meeting of the OPEC-China Energy Dialogue

[Joint Conclusion] The Second High-level Meeting of the OPEC-China Energy Dialogue was held on 12 December 2017 in Beijing, PR China. The Meeting was co-chaired by HE Nur Bekri, Vice Chairman of China’s National Development and Reform Commission (NDRC) and Administrator of the National Energy Administration, and the OPEC Secretary General, HE Mohammad Sanusi Barkindo.

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.

During the meeting various options were explored about how to implement and operationalize the constructive intent for enhanced relations. Three concrete actions were agreed in order to achieve mutually beneficial outcomes:

  1. It was agreed that meetings at the technical expert level will take place on a regular basis between the High-level Meetings of the OPEC-China Energy Dialogue. These will facilitate an increase in the sharing of data, information and outlooks, which both parties agree are crucial to help overcome challenges in the market. In particular, it was stressed that such exchanges should focus on technological developments and implications.
  2. Experts from OPEC and China will collaborate to write a specific section of OPEC’s flagship publication, the World Oil Outlook (WOO), in 2018. The topics will focus on energy and oil developments and perspectives in China. It is intended that this new section will become a regular feature of the WOO and can serve as the basis for joint research and technical collaboration.
  3. 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.

During discussions, HE Nur Bekri welcomed the intensification of the dialogue, thanked OPEC for its ongoing efforts towards rebalancing the global oil market and provided an overview of China’s energy policy. HE Mohammad Barkindo emphasized the critical and expanded role that China will play in future energy demand and the desire to pool collective expertise. He stressed that 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. The Secretary General also provided an update on the outcomes of the 173rd Meeting of the OPEC Conference and the 3rd OPEC and non-OPEC Ministerial Meeting.

The OPEC Research Division provided presentations on the 2017 edition of the WOO, as well as on the Asian energy and oil outlook, with a specific focus on China. 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.

In welcoming the progress achieved at the meeting, the OPEC Secretary General said: “I am absolutely delighted by the outcome of our meeting. 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.”

The Third High-level Meeting of the OPEC-China Energy Dialogue will take place in Vienna in 2018.