A downturn in Chinese energy demand as a result of the coronavirus outbreak calls into question Beijing's ability to implement ambitious targets for importing US oil and LNG under an interim trade deal signed last month. Chinese refners have slashed runs as the country faces an increasingly sharp economic downturn in the wake of the outbreak. And the decline in oil prices globally — Nymex crude futures have fallen by 12pc since the “phase one” deal was signed on 15 January — means that China will potentially have to import more oil to meet its purchase requirement, which is expressed in dollar terms.
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