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Last week oil marked its biggest weekly loss in over 5 years due to virus threat
China is the world’s largest importer of oil, the country’s shutdown amid the coronavirus outbreaks meant a sharp decline in demand for crude oil. China imports around 10 million barrels a day, and the sudden low demand has caused oil prices to plummet to just below $50 a barrel.
In response Saudi Arabia is pushing OPEC to cut production by an additional 1 million barrels a day, to bare the brunt.
