Lavrov warns against partition of SyriaRussian Politics & Diplomacy September 23, 0:00
Lavrov calls to coordinate Russian, US military action in SyriaRussian Politics & Diplomacy September 22, 21:05
Lavrov blames Obama administration for souring Russia-US tiesRussian Politics & Diplomacy September 22, 20:41
Waging war on Korean Peninsula inadmissible, says LavrovRussian Politics & Diplomacy September 22, 20:36
Russian Northern Fleet completes drills in ArcticMilitary & Defense September 22, 18:01
OPEC and non-OPEC countries to continue talks on oil production cut dealBusiness & Economy September 22, 17:28
Russian pair figure skaters Kavaguti, Smirnov retire from sportSport September 22, 16:48
Record number of delegations register for St. Petersburg-hosted IPU AssemblyRussian Politics & Diplomacy September 22, 16:47
Astronauts to make quickest trip ever to ISS in DecemberScience & Space September 22, 16:27
MOSCOW, January 11. /TASS/. Declining oil demand in China, the largest consumer of energy resources, will contribute to the drop of global oil prices, representative of the Russian Ministry of Economic Development told TASS on Monday.
Demand is declining in view of the slowdown of China’s economic growth and reorientation of the growth model from the investment to consuming (domestic demand-focused) one, the representative said.
Risks related to the Chinese economy prompt investors to withdraw funds from emerging markets, he added.
"Expectations of slowdown of China’s economy growth rates to the level not above 6.5% per year coupled with yuan devaluation resulted in China’s stock market fall early this year, with the US stock market responding also by decline," the official said.
Furthermore, lifted ban on oil export by the United States and cancelation of sanctions on Iran also contribute to oil prices drop, he added.
Brent prices with supply in February 2016 fell 4.9% to $31.96 on the London’s ICE on Monday.