Oil Economy Focus Rapid Review
The risk of declining Chinese demand for oil is worrying Middle East officials more than Iran’s supply curbs resulting from U.S. sanctions. Bahrain and Oman’s oil and gas ministers have both said that China’s demand for oil could decline because of the US-China trade dispute. Furthermore, in 2017, OPEC supplied 56 percent of China’s crude oil imports – a decline from a peak of 67 percent in 2012; and Russia surpassed Saudi Arabia as China’s largest source of foreign crude oil in 2016… later exporting 1.2 million barrels a day to China in 2017 compared with Saudi Arabia’s 1.0 million barrels a day.
LINK TO THE SOURCE ARTICLE: Mideast worries on China’s slowing oil demand
