OPEC seeks to boost China fuel market share

OPEC countries, which produce 40 per cent of the world’s oil, are stepping up efforts to secure their market share in China, as the group competes with Russia to supply the world’s fastest-growing energy market.

Sheikh Ahmad Fahd al-Sabah, president of the Organization of Petroleum Exporting Countries, will lead the group’s first talks with China today as members including Saudi Arabia and Kuwait plan investments in Chinese refinery projects worth more than US$8 billion to increase their share of China’s fuel market.

China Daily