Wednesday, 18 March 2020 08:35

China manages to take advantage of low prices, Bloomberg Now Beijing has become the largest buyer of oil in the world, Caspian Enewrgy News reports with reference to Bloomberg, therefore, it gained influence over the industry. China will get a chance to raise an influence of its currency – yuan. It is noted that China can start making payments for supplies in yuan. IT will help to stop accumulating dollars and devaluating its national currency. After the collapse of the OPEC+ deal, the price for oil fell below $30 per barrel. Analysts assume that China’s authorities managed to take advantage of price decline for oil. It happened after the collapse of the OPEC+ deal on oil production cut.

Now Beijing has become the largest buyer of oil in the world, Caspian Enewrgy News reports with reference to Bloomberg, therefore, it gained influence over the industry. China will get a chance to raise an influence of its currency – yuan.

It is noted that China can start making payments for supplies in yuan. IT will help to stop accumulating dollars and devaluating its national currency.

After the collapse of the OPEC+ deal, the price for oil fell below $30 per barrel.

Analysts assume that China’s authorities managed to take advantage of price decline for oil. It happened after the collapse of the OPEC+ deal on oil production cut.

 

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