China’s savings $100 billion through low price of oil
According to statistics recently published, China imported 300 million tons of crude oil, worth 1.400 billion yuan (approximately US $ 200 billion) in 2014. This figure increased by 9.35% over the year 2013 showed that the country is enhanced oil accumulation.
China’s $ 100 billion in savings from the slide in oil prices. Photo: CNN
“We are benefiting from lower oil prices. As the largest importer of crude oil in the world, China hopes the oil price low to stimulate the growth of GDP in 2015. The lower oil prices also facilitates favorable to the government to pursue its financial reform, “said Lin Boqiang – an energy economy, and head of the Academy of Sciences study Chinese energy policies.
This statement, by contrast, would hurt the likes of Russian Deputy Prime Minister Igor Shuvalov. Half of the Russian government revenue based on oil and gas exports, which means the country is faced with declining budgets 3 trillion rubles (equivalent to 46 billion USD). The value of the ruble is now a record low against the dollar as oil prices fell.
“Falling oil prices make the Russian economy is facing a bad year growth. There is no positive sign for the Russian economy at this time, 2015 was a difficult year for our “said Shuvalov.
Oil prices have fallen from 116 USD a barrel to below $ 50 per barrel in just 6 months. The price slide continues after OPEC announced the decision not to cut crude oil output in November.