According to Reuters, the recent outbreak of coronavirus in China has made the liquefied oil and natural gas (LNG) sector of the country have its sales paralyzed in the short term. That's because the virus caused buyers became more afraid in their business and began to seek legal ways not to honor their contracts, which causes the activity in the country is reduced.
The prolongation of the Lunar New Year holiday, a bet of the chinese government to contain the coronavirus, resulted in the slowdown in the market – since he paused work activities. Thus, supply chains of commodities were halted, with shipments cancelled or delayed and accumulated stocks.
According to sources, oil deals are paralyzed shandong (province in eastern China), where responsible refineries are located in The by one fifth of Chinese imports.
Coronavirus has already caused more than 500 fatalities in the China. So far, there is no treatment for the virus.ACESSE AS REDES DA PANORAMA OFFSHORE: