For Chinese refineries, every time they sell a ton of gasoline or diesel, they lose 1,000 RMB. The whole refining industry is hurting.
China would regard Russia as the primary alternative source and OPEC is worried about that.
China would regard Russia as the primary alternative source, and OPEC is worried about that.
There is a lot of potential for China to import more crude oil from Russia.
Actually, China is not very satisfied with OPEC. I believe in these talks OPEC will negotiate with China about more investments in the future.
Actually, China is not very satisfied with OPEC.
With the world facing historically high crude oil prices, China's labor cost advantage becomes even more precious because no other country can control operating costs and keep them as low.
The Kazakhstan-China crude oil pipeline is also an important catalyst to push oil business cooperation between the two countries.
