China’s Actions in the oil market could lead to the collapse of world oil prices, writes Bloomberg.
According to him, the spring of Beijing have used the sharp collapse of the futures and bought large amounts of cheap oil. And when OPEC+ intend to increase production, returning to dekorativnym terms of production, China has begun to sell oil from its storage.
the article States that about 1 million barrels went to the buyers, often buying energy in the middle East or Africa. The Agency noted that China did not plan to become a regional supplier of oil. Beijing launched the futures trading through the Shanghai international energy exchange for the promotion of the yuan.
As Bloomberg summarizes, the sale of oil the world’s largest importer says about the fragility of recovery of energy demand.