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The world’s biggest oil importer has found itself contemplating rock-bottom prices and the opportunity for an unprecedented power play.

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.

Source: Bloomberg