The coronavirus is reverberating across the global economy and into the U.S. oil and gas industries, reducing demand and prices. And Trump may feel the impact
: When the SARS outbreak hit in 2002, China had the sixth biggest economy and it accounted for 4.2% of the global domestic product. Now, though, it is the second largest, making up more than 16% of the globe’s total output. As such, it imports 10.4% of the. As a result, “both oil and gas prices are under severe pressure, with demand set to remain weak, while supply doesn't seem flexible enough to quickly adjust.
Specifically, Trump said that he persuaded China to buy $18.5 billion worth of energy fuels this year and $34 billion next year. But the coronavirus is causing China’s domestic economy to slow from its current rate of 6% a year. It’s not just that China is importing and consuming less oil and gas. It is also flying fewer planes and running fewer factories; the virus has inflected tens-of-thousands and has killed at least 1,000 people. frames it this way: in 2003, China imported 5.
Coupled with the existing glut, cheaper oil is hurting producers such as Exxon Mobil, Chevron and ConocoPhillips. They are reporting lower earnings as a result. is reporting that China’s largest importer of liquefied natural gas, China National Offshore Oil Corp.
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