China hopes in the near future to restore the previous energy consumption structure that preceded the spread of the coronavirus COVID-19, and wants to cooperate with OPEC to stabilize the global oil industry, OPEC said following talks with Secretary General Mohammed Barkindo of China's head of the National Energy Administration, Jan Janghua, Interfax notes.
According to Jan Janghua, China, the largest importer of oil in the world, is already on its way to recovering from the situation with the coronavirus, and in the near future the country hopes to restore its previous energy consumption structure, which should help the oil industry.
He added that China wants to work closely with OPEC to stabilize the global oil industry and ensure future global energy security.
According to Jan Janghua, three elements can help the world economy recover: optimizing the trading system to consolidate and expand oil trade, stimulating communication to maintain energy market stability and enhancing practical cooperation to expand the production chain, including oil products, storage and transportation.
The introduction of quarantines due to the pandemic of the coronavirus COVID-19 led to a 25 percent drop in global oil demand.