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africanews - 10 days ago

Africa-China: Coronavirus hurts business [Business Africa]

African economies are also affected by the coronavirus, with China as their largest trading partner. Until a few weeks ago, China was fifth in world GDP. In 2019, the volume of trade between China and Africa reached a record US$208.7 billion. Despite a trade deficit of 17.7 billion dollars, trade continued between the 2 players until the appearance of the coronavirus last December. And today, hundreds of consumers are stuck throughout China. Maintains reduced oil production The Organization of the Petroleum Exporting Countries had to maintain the reduction in its oil production until the end of this year. The global oil sector is also experiencing disruptions due to the coronavirus epidemic. After an initial reduction to 1.7 million barrels per day to support crude oil prices, the technical committee of the Organization of the Petroleum Exporting Countries (OPEC) recommends extending the agreement to reduce oil production until the end of 2020 and making a further reduction until the end of the second quarter.


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