China’s Oil Demand Drops 20 Percent Because of Coronavirus

The drop is arguably the largest demand shock suffered by the oil market since the 2008-2009 global financial crisis.

RIO DE JANEIRO, BRAZIL - China's demand for oil has dropped by about three million barrels per day, or 20 percent of total consumption, due to the impact of the coronavirus on the economy, according to people with information about the country's energy sector.

The drop is arguably the largest demand shock suffered by the oil market since the 2008-2009 global financial crisis and the most sudden since the 9/11 attacks. The downturn could require intervention by OPEC and its allies, who are assessing an emergency meeting to reduce production and halt the drop in prices, which . . .

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