Virus highlights OPEC reliance on Chinese oil demand

London (AFP) – Fears of an economic slowdown, fuelled by the coronavirus slashing output in China, has shone the spotlight on OPEC, whose oil is heavily bought by the world’s second-biggest economy.”China has become increasingly important for OPEC countries in recent years,” research group JBC Energy told AFP.In total, more than two-thirds of China’s crude imports comes from the Organization of Petroleum Exporting Countries and Russia.Following a slump in prices, OPEC and its key oil-producing ally Russia have been meeting this week to discuss the situation.In an apparent sign of the difficult…

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