China’s oil demand drops 20% amid coronavirus spread
China’s oil demand has dropped by 20%, or about three million barrels a day, amid the coronavirus spread which is already affecting the country’s economy, Gulf News reported. Traditionally, during the Lunar New Year holiday, gasoline and jet-fuel demand in the Asian state increase as it is the busiest travel period for the nation.
China is the world's largest oil importer as its daily consumption stands at about 14 million barrels. Currently, Chinese refineries are storing unsold petroleum products but some of them may soon reach their storage limits.
In the past weeks, Beijing has locked millions of people in quarantine. Flights have been cancelled and many people postponed their travel plans in attempts to contain the virus's spread, Gulf News underlined.
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