China Oil Demand Contraction Eats into Saudi Coffers

Falling China demand roils global markets

By: Tim Daiss

Outlook grim, experts say

Fortunes for China, the world’s largest crude oil importer, and Saudi Arabia, the world’s largest oil exporter, have crossed again. For starters, China’s oil imports are dropping. For the first seven months of the year, the country imported 2.4 percent less oil than in the same period last year. While that might see…