Interview: OPEC chief voices "full confidence" in China's economy
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
EU chief to meet Trump for trade talks
BRUSSELS, July 25 (Xinhua) -- European Commission President Ursula von der Leyen said on Friday that she will meet U.S. President Donald Trump on Sunday to discuss transatlantic trade. Von der Leyen said in a post on social media platform X that the two leaders had a "good call" and agreed to meet in Scotland to "discuss transatlantic trade relations, and how we can keep them strong." Trump told reporters before departing for Scotland that "I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU." The president is on a five-day visit, during which he is expected to visit two of his golf resorts and meet British Prime Minister Keir Starmer. Earlier this month, Trump threatened to impose 30 percent tariffs on European Union (EU) goods starting Aug. 1, prompting Brussels to accelerate trade talks. Should talks fail, EU member states have backed a retaliatory tariff package on around 93 billion euros (109 billion U.S. dollars) worth of U.S. imports, due to kick in on Aug. 7. (1 euro = 1.17 dollar)
The Star
2 hours ago
- The Star
German business sentiment rises, but recovery faces external threats
BERLIN, July 25 (Xinhua) -- Germany's business confidence rose in July to its highest level in over a year, a survey showed Friday. However, economists cautioned that the recovery remains fragile amid persistent external headwinds, including the U.S. tariffs threat. The ifo Business Climate Index, based on a survey of around 9,000 companies, edged up to 88.6 in July from 88.4 in June, marking the seventh consecutive month of improvement. While firms expressed a more favorable view of current business conditions, their expectations for the months ahead remained subdued. Sentiment in the manufacturing sector improved slightly but stayed at relatively low levels. The ifo Institute reported that industrial capacity utilization rose from 70 percent to 77.2 percent, though this still reflects below-average levels amid weak incoming orders. In contrast, the services sector posted a decline, driven in part by a significant deterioration in expectations among IT service providers. Analysts said the downturn may be linked to heightened uncertainty, as the European Union considers retaliatory measures including tariffs or regulatory actions against U.S. technology and digital firms in response to proposed trade actions by Washington. "Companies were slightly more satisfied with current business, but their expectations remained largely unchanged," said ifo President Clemens Fuest. "The upturn in the German economy remains sluggish." Carsten Brzeski, global head of macro at ING Research, described the mood as a "wave of optimism" but warned that the outlook is clouded by trade tensions, a stronger euro, and the threat of U.S. tariffs -- all factors that could weigh on Germany's export-driven economy. A separate ifo survey published Thursday underscored growing concern among German manufacturers. More than 60 percent of 1,500 companies surveyed reported being negatively impacted by the U.S. tariffs, which are set to take effect on Aug. 1 with duties of 30 percent. One-third of respondents said they expect the U.S. market to lose importance by the end of President Donald Trump's term. Trade tensions are already shaping investment decisions: around 30 percent of companies said they had postponed their U.S. expansion plans, while 15 percent had canceled them altogether. Despite the external pressures, Brzeski noted that German companies are increasingly turning their attention to opportunities under the new government's economic agenda. Earlier this week, the German government, in collaboration with major corporations, launched a sweeping investment plan at a business summit in Berlin. Valued at 631 billion euros (739 billion U.S. dollars), the initiative aims to revive Europe's largest economy through 2028, focusing on manufacturing, research and development, and infrastructure construction. (1 euro = 1.17 U.S. dollar)
The Star
2 hours ago
- The Star
Botswana implements initiatives, reforms to counter U.S. tariff impacts: bank official
GABORONE, July 25 (Xinhua) -- Botswana is implementing several initiatives and structural reforms to mitigate the potential adverse effects of U.S. tariffs on the southern African country, a Bank of Botswana official said on Friday. "Despite this challenge of U.S. tariffs on Botswana diamonds, there are several government initiatives and structural reforms, which are expected to improve the business environment and strengthen fiscal resilience," said Innocent Molalapata, director of Research and Financial Stability Department at the Bank of Botswana. During an economic media briefing, Molalapata said the initiatives include tax review and revenue maximization, enhanced public financing and debt management, as well as the Botswana Transformation Economic Program, a national blueprint to reshape the country's economy from being consumption-driven to investment-oriented and innovation-led. Meanwhile, Molalapata said Botswana's real gross domestic product is expected to contract by 0.4 percent in 2025, reflecting the prevailing unfavorable economic conditions, the weaker-than-expected economic growth, and the impacts of U.S. tariffs. Botswana faces a 37 percent tariff on exports to the United States. According to Daily News Botswana, President Duma Boko said in June that the tariff imposed on Botswana worsened the already bleak future faced by the diamond industry, and the U.S. tariff tensions had been a daunting challenge, likely to hinder efforts to grow the African economy. A World Bank report in April suggested that diamond exports account for more than 90 percent of Botswana's total exports.
