Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer of oil, though it could cut imports if it stopped adding to inventory (storage). China has stored so much oil over that half a decade, that it could practically halt all oil imports and get by just fine for a while.

How Russian and Saudi Oil Ties to China | Devamı>>>

Oil prices continued their ascent on Friday amid signs of supply cuts. Brent, the international benchmark, surged 4.1 per cent in recent trading to hit $58.23 a barrel. That equates to an 11.6 per cent rally this week, the highest since December 2016.

The oil market limped into 2019, after worries of a global supply glut sent prices swiftly tumbling into a bear market. Brent remains well below its high of nearly $87 a barrel, though prices have swung higher in recent sessions as traders reacted to data showing weaker Opec production and declining inventories.

Brent Crude Heads for Best Week in 2 Years | Devamı>>>