China would regard Russia as the primary alternative source and OPEC is worried about that.
More Quotes from Ma Shang:
There is a lot of potential for China to import more crude oil from Russia.Ma Shang
Actually, China is not very satisfied with OPEC. I believe in these talks OPEC will negotiate with China about more investments in the future.
Ma Shang
The Kazakhstan-China crude oil pipeline is also an important catalyst to push oil business cooperation between the two countries.
Ma Shang
With the world facing historically high crude oil prices, China's labor cost advantage becomes even more precious because no other country can control operating costs and keep them as low.
Ma Shang
For Chinese refineries, every time they sell a ton of gasoline or diesel, they lose 1,000 RMB, ... The whole refining industry is hurting.
Ma Shang
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