China Faces COVID Troubles as the EU Nears Embargo on Russian Oil
China is the world’s second-largest consumer and the world’s top importer of crude oil. In the face of adversity, is its economy likely to slow down?
Crude oil prices ended slightly higher yesterday after a volatile session, caught between weakening demand in China and the prospect, closer than ever, of a European embargo on Russian oil imports.
Meanwhile, the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) are going to meet to make any adjustments to their production.
The market does not expect much from this meeting, as the current target of 400k barrels per day should be sustained. It’s despite the cartel’s struggling to pump such volumes, notably given the current political crisis in Libya – the producing country endowed with the most abundant reserves in Africa – which has seen its oil infrastructure blocked, where oil operations have been stopped since mid-April.
@TransAmericanFriendship
