Tag Archives: East Asia

China’s own oil consumption is down sharply as factories stay closed and travel restrictions remain in place.

Qatar Ready to Re-Route Oil. Gas Cargoes to China due to Spread of Virus.

Chinese Ambassador to Iran Chang Hua reiterated his country’s support for Iran against the US sanctions and said the East Asian nation is the only country that buys oil from the Islamic Republic.

Chinese oil demand has dropped by about 3 million barrels a day. or 20% of total consumption. as the coronavirus squeezes the economy. according to people with inside knowledge of the country’s energy industry.

A gauge of the nation’s stocks plunged almost 8%. commodity futures from iron ore to crude sank by the daily limit. and the yuan weakened past a key level against the dollar.

China has reported 361 deaths from the virus so far.

Iraq. OPEC’s second-biggest oil producer. supports any agreement that would stabilize the market.

Tokyo has chosen to operate independently as it navigates disputes in the volatile region.

Apple Inc on Saturday said it would shut all of its official stores and corporate offices in mainland China until Feb 9 as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago.

The US will likely lift sanctions on units of Chinese tanker company COSCO after Washington accused it of transporting Iranian oil.