Fill her up. Do you take UnionPay? Photographer: Barcroft Media/Getty Images
The world’s biggest oil importer has found itself contemplating rock-bottom
Russia and Saudi Arabia’s struggle for market share — and the resulting tumble to $23-26 a barrel — has left China in a position to dictate conditions.
That may include encouraging the world’s top two exporters to price and sell more of their crude in yuan.
Last year, Beijing imported a record 506 million metric tons of crude oil — roughly 10 million barrels a day. Saudi Arabia and Russia alone accounted for about a third of that.