As producers flex, China urges oil consumers unite

China, hosting its first major energy summit on Saturday, urged top oil consumers to join together in the face of resurgent producer power and sought to paper over differences on how best to achieve energy security.

Ministers from the United States, India, Japan and South Korea — nations that consume nearly half the world’s oil — gathered in Beijing for the meeting, which marked a rare move by China to take a leadership role on global energy issues.
“We want to send out an important, positive message, which is: the world’s key energy consuming countries plan to strengthen mutual cooperation,” China’s top energy policy maker Ma Kai said.

“(We will) promote conservation of oil, improvement of energy efficiency, strong development of oil alternatives, and reduce reliance on oil,” he added in prepared remarks to the closed forum.

The call to action may reflect a growing desire by China to engage with other key energy users, some of whom have criticised its secretive approach, price controls and a strategy favouring Chinese ownership of resources over spot buying of oil.

Reuters