June 25, 2018

China (中国) Today

Events Review (18.06–24.06.2018)

 

I. Major Events and Trends in the Development of the Situation In and Around China

China's becoming a leading world power is accompanied by increased Chinese influence on global processes in the political, economic and security spheres. In particular, Beijing and Delhi are working to create an alliance of oil-importing countries as opposed to the OPEC. Implementing such plans will allow China and India, the world's largest oil consumers, to influence OPEC's policy in their interests in terms of preventing rising world energy prices. According to the experts, the decision on this issue is contributed to by the increase in oil production in the USA, which is an additional lever of influence on the OPEC.

At this, the United States is also interested in lowering world oil prices, which opens up new opportunities for cooperation between the United States and the PRC. This issue becomes of special urgency in the context of the growing disagreements between the two countries in the trade and economic sphere. In turn, the emergence of a counterbalance to the OPEC will significantly undermine Russia's ability to artificially raise oil prices on the world market through secret separate agreements with oil exporters. As a result, Russia will lose its source of super-profits to support its economy, which will have strategic negative consequences for it in the context of the continuation of Western sanctions.

The article is available in Ukrainian