Interview: OPEC chief voices "full confidence" in China's economy

Alsharq Tribune-AFP 

The head of the Organization of the Petroleum Exporting Countries (OPEC) said he has "full confidence" in China's economic development and called the country a "strategic partner," highlighting growing energy ties during an exclusive interview with Xinhua.

Haitham Al Ghais, secretary general of OPEC, praised China's economic development in the interview on the sidelines of the 9th OPEC International Seminar in Vienna, describing China as "a well-structured economy, with good and forward planning, and forecasting."

Al Ghais previously worked in Beijing for almost four years as the chief of Kuwait Petroleum Corporation's Beijing representative office. That experience, he said, gave him a first-hand understanding of how China is developing.

Speaking on cooperation, he said OPEC member countries enjoy excellent relations with China and its oil companies. "We are in close contact," he said. "We have the OPEC-China dialogue where we meet every year at the technical level, and on the high level."

"We value China as a strategic partner for OPEC member countries," he said, adding that Chinese companies are investing in OPEC countries, while some OPEC members are also investing in the Chinese petroleum refining sector.

"OPEC is proud to be a partner in supporting the Chinese energy requirements for future growth," he said. "We are very confident in the Chinese economy. We have strong confidence in the Chinese government's plans for economic growth."

In its June market report, OPEC noted that, despite external pressure, including U.S. tariff measures, China's economy maintained a steady growth momentum in the first half of this year. The report also highlighted strong export performance, as well as resilient domestic consumption.

Al Ghais also emphasized two significant challenges facing the global energy market: underinvestment in energy, which may lead to future issues with energy affordability, and persistent energy poverty in many parts of the world.

He noted that the theme of the 9th OPEC International Seminar, "Charting Pathways Together: The Future of Global Energy," emphasized that each country should independently explore its own energy transition path, based on local conditions.

The two-day event, starting on Wednesday, features exhibitions, ministerial sessions, and high-level roundtables, bringing together global energy leaders to discuss key issues such as energy transitions, market stability, energy security, investment, technology, and innovation.