Now Beijing has become the largest buyer of oil in the world, Caspian Enewrgy News reports with reference to Bloomberg, therefore, it gained influence over the industry. China will get a chance to raise an influence of its currency – yuan.
It is noted that China can start making payments for supplies in yuan. IT will help to stop accumulating dollars and devaluating its national currency.
After the collapse of the OPEC+ deal, the price for oil fell below $30 per barrel.
Analysts assume that China’s authorities managed to take advantage of price decline for oil. It happened after the collapse of the OPEC+ deal on oil production cut.
