From The Wall Street Journal:
“BEIJING—For China’s beleaguered oil sector, a deal by the Organization of the Petroleum Exporting Countries to cut output could offer a lifeline to an industry that has been hammered by low prices—and may also hasten its shift away from a heavy reliance on Saudi crude.
If successfully implemented, the deal portends important shifts in how China buys foreign oil, analysts said. It could also help stem a recent slide in domestic production, which in turn would protect jobs across its troubled energy patch.
It is tough to overstate China’s importance to OPEC and the energy industry. In addition to being one of the biggest oil importers, it is also a huge producer, making it vulnerable to the supply glut that has roiled markets since 2014.”