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Russian ministry: Declining oil demand in China will contribute to plummeting oil prices

January 11, 20:39 UTC+3 MOSCOW
Furthermore, lifted ban on oil export by the United States and cancelation of sanctions on Iran also contribute to oil prices drop
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© ITAR-TASS/Anton Tushin

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.

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