by Irina Slav
Oil Price
China is determined to rid itself of its image as one of the world’s greatest polluters, and is serious about curbing oil production—even if only for a few days—to clean up its air during the international G-20 meeting in Hangzhou next month, ordering factories to reduce activities to curb crude oil consumption to such a degree it shall be felt around the world.
This latest initiative, coupled with a barrage of floods this summer, will slash China’s daily demand for crude by 250,000 barrels, according to Bloomberg, citing Energy Aspects.