China increased energy purchases from US at reduced prices

US, WASHINGTON (ORDO NEWS) — China increased energy purchases from the United States at reduced prices after OPEC and Russia failed to agree to extend an agreement to reduce oil production. On Wednesday, citing six sources, Reuters reported.

According to him, the Chinese authorities in March began processing applications from Chinese companies to remove duties on US energy imports as part of the first phase of a trade agreement between the two countries.

After that, Chinese companies began purchasing American oil and liquefied natural gas at reduced prices.

Reuters also said at least nine large tankers were booked to transport energy from the US to Asian countries, four of which are likely to go to China.

The OPEC + agreement expired on March 31, and it was not possible to renew it, since Russia and Saudi Arabia could not agree on the terms of extension. In Riyadh, it was stated that without an intensified reduction, which Russia did not agree to, the deal does not make sense.

After withdrawing from the agreement, the kingdom plans to conquer the oil market by lowering prices. At the same time, demand for oil in the world, analysts warn, could fall by 26-30 million b / s, since the consumption of raw materials fell sharply due to quarantine measures around the world.

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