Virus reveals China as global oil’s swing consumer gfhay
Chinese oil consumption could fall by 25% in February due to the coronavirus outbreak, the Financial Times reported on Feb. 5 citing domestic refinery executives.The Joint Technical Committee, which advises the Organization of the Petroleum Exporting Countries and its allies led by Russia - a grouping known as OPEC+ - has recommended a provisional cut in oil output of 600,000 barrels per day in response to the virus, Reuters reported on Feb. 6.
Spot crude trade into Shandong, home to independent refiners that account for a fifth of China's imports, is at a halt, three traders told Reuters, speaking on condition of anonymity. Brent crude oil futures were trading at $54.68 a barrel as of 1356 GMT on Feb. 6. U.S. West Texas Intermediate crude was trading at $50.69 a barrel.
U.S. crude inventories rose by 3.4 million barrels in the week to Jan. 31, compared with expectations in a Reuters poll for a 2.8 million barrel rise.
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