Opec and China
| quote: |
Opec and China forge closer ties
Opec officials have arrived in Beijing for the first formal talks between the oil producing cartel and China.
Chinese leaders are keen to secure supplies of oil to fuel the country's rapidly expanding economy.
Opec, meanwhile, wants to develop closer ties with the world's second-largest oil consumer.
With world oil supplies currently stretched, Opec says it wants to gain a better understanding of China's appetite for oil.
Energy needs
Oil producing nations are facing an investment bill for billions of dollars to ramp-up production at oilfields in a bid to meet soaring demand.
| quote: | It's a win-win situation
Adnan Shihab-Eldin, acting Opec Secretary General |
Leading exporter Saudi Arabia has been at the forefront of Opec nations calling on consumers to draw-up a "road map" of their energy needs.
Opec president Sheikh Ahmad al-Fahd al-Sabah said China's rapid economic growth was changing the oil market.
"They started to play a main role in the market and they even succeeded in changing the culture of the market in 2004 and 2005," he said.
"We started this dialogue to... try to have some co-operation, especially for the future and to know what will be the situation of growth of demand in China."
"It's a win-win situation," said Opec's acting Secretary-General Adnan Shihab-Eldin. "China being a major consumer... there have been growing imports from Opec countries over the last few years."
The Opec meetings in China come as Chinese figures suggest the country is continuing to climb up the world economic rankings.
According to a state report earlier this week, China's economy was 16.8% larger in 2004 than initially calculated, putting the country into sixth place in terms of economic size, ahead of Italy and close behind the UK and France. |
Source: BBC
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