Middle Eastern Petro-States’ Reliance on China Surges With Covid

摘要

China is an ever-more important customer for Middle Eastern oil producers as they scramble to find buyers in thewake of the coronavirus.The region’s petro-states shipped about one in every three of their crude exports last month to the Asian country.That’s the biggest proportion in at least 2-1/2 years, tanker tracking from six Persian Gulf nations show. Their pushinto China comes with its oil demand having all-but recovered from the pandemic. Consumption in swaths ofEurope and the U.S. -- normally the other key importers -- is still down sharply.