Rosneft chief Igor Sechin said China, rather than OPEC, has stabilized global oil markets this year by reducing crude imports by 5.5 million barrels per day. Speaking at a Russian-Chinese business forum in Vladivostok, Sechin argued that China’s growing reserves will further strengthen its role in energy markets as OPEC’s influence wanes and its membership declines. The United Arab Emirates declared its withdrawal from OPEC earlier this year. Oil prices remain in the mid-$90s per barrel despite recent Middle East supply disruptions, while prediction markets price the chance of crude reaching a new all-time high by December 31 at 10% YES.