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Home » Tag Archives: OPEC cutting oil output

Tag Archives: OPEC cutting oil output

China Oil Demand Has Plunged 20% Because of the Virus Lockdown

White SINOPEC oil tanks in row

BLOOMBERG, February 3, 2020 Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry. The drop is probably the largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009, and the …

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