The Shanghai Cooperation Organization (SCO) has successfully explored a new path for regional cooperation, Foreign Ministry spokesman Lin Jian said at a press briefing on Monday.
Lin made the remarks when asked to comment on the SCO's achievements over the past 25 years since its founding in 2001.
"On June 15, 2001, the Shanghai Cooperation Organization was established. After 25 years of development, the SCO has grown into a comprehensive regional cooperation organization that covers the biggest area and population with enormous development potential. Over this period, SCO member states, acting on the Shanghai Spirit and working in solidarity and coordination, have continuously deepened cooperation in political, security, economic, and people-to-people exchanges, and built and reinforced regional security safeguards, bridges for cooperation, and friendly ties. Together, we have successfully explored a new path of regional cooperation and set a stellar example for a new type of international relations," Lin said.
"Under the new circumstances, China will work with other member states to carry forward the Shanghai Spirit, strengthen practical cooperation, and make the SCO a reliable anchor for the common development and prosperity of all nations," Lin said.
SCO successfully explores new path for regional cooperation: spokesman
The International Energy Agency (IEA) said on Wednesday that oil reserves in members of the Organisation for Economic Co-operation and Development (OECD) had fallen by a cumulative 163 million barrels since the outbreak of the Middle East conflict, reaching their lowest level since December 1990.
According to the IEA's latest Monthly Oil Report, global observed oil stocks have fallen by an average of 3.8 million barrels per day (mb/d) since the start of the Middle East conflict, including a draw of 143 million barrels in May, mainly due to accelerated releases of emergency stocks.
The report said the memorandum of understanding due to be signed by the United States and Iran this week was an important step toward easing regional tensions and could pave the way for reopening the Strait of Hormuz and lifting the U.S. blockade on Iranian oil traffic.
The IEA forecast global oil supply to fall by an average of 3.9 mb/d in 2026 to 102.4 mb/d, before rising by 8 mb/d in 2027 to 110.3 mb/d. However, unresolved issues, including mine clearance in the Strait of Hormuz and transit arrangements, mean operational and political risks could still weigh on the pace of supply recovery.
The agency said a significant supply overhang could emerge next year. Global oil demand is projected to rise by a relatively modest 2 mb/d to 105.3 mb/d, while supply is expected to increase by about 8 mb/d to 110.3 mb/d.
The surplus could ease market pressures and allow countries to replenish depleted inventories or build strategic reserves as they reassess energy policies in response to the crisis, the IEA said.
IEA says OECD oil stocks fall to lowest since 1990
