China wants to cooperate with OPEC to stabilize world oil industry
China hopes soon to restore the previous structure of energy consumption prior to the situation with the spread of the coronavirus COVID-19, wants to cooperate with OPEC to stabilize world oil industry, OPEC announced following the talks, its General Secretary Mohammed Barkindo with the head of the National energy office (National Energy Administration) China Jang Janjua.
As stated by Jang Jinhua, China, which is the largest oil importer in the world, on the road to recovery after the situation with coronavirus, in the near future the country hopes to restore its former structure of energy consumption, which should help the oil industry. He added that China wants to work closely with OPEC to stabilize the world oil industry, to ensure future global energy security.
According to Jang Janjua, three elements can help to recover world economy: optimization of a trading system for consolidation and expansion of the oil trade, encouraging communication to maintain the stability of the energy market and strengthening practical cooperation to expand the industrial chain, including petroleum products, storage and transportation.
The imposition of quarantines for pandemic coronavirus COVID-19 led to a 25 percent drop in world demand for oil.