China was able to weather the crisis caused by restrictions on oil supplies through the Strait of Hormuz thanks to advance stockpiling, large-scale electrification and its energy partnership with Russia, Rosneft CEO Igor Sechin said on Friday, September 4.
Speaking at the Russian-Chinese Energy Business Forum on the sidelines of the Eastern Economic Forum, Sechin said China had effectively taken the initiative from OPEC in helping stabilise the global oil market in 2026.
According to Sechin, China reduced its oil imports by 5.5 million barrels per day. Experts estimate that without those measures, oil prices could have risen by a further $30 per barrel, he said.
Sechin said Russia supplied China with 67 million tonnes of crude oil in the first seven months of 2026, with Russian supplies accounting for a record 23% of China’s oil imports.
Annual Russian oil deliveries to China have exceeded 100 million tonnes for several years, Sechin said.
By Tamilla Hasanova
