The OPEC+ alliance's plans to raise oil prices by reducing production are facing new challenges with the slowdown in demand in China, which is the largest importer of crude oil in the world.

Recent data shows that Chinese oil refineries are operating at lower rates amid a weak manufacturing sector and a collapse in the real estate market. This led to a decrease in demand for plastics and fuel used in construction.

China, which relies heavily on Russia and Saudi Arabia for its supplies of crude oil, is reducing its purchases of crude from both countries.

Crude oil prices have fallen by about $10 per barrel in the past six weeks, driven by weak demand expectations in China and increased supply from the United States.

The OPEC+ meeting will be held online on June 2 to discuss production policy, and it is expected that it will be agreed to continue cutting production to support prices. However, the slowdown in China may pose an obstacle to OPEC+ efforts, as the alliance may be forced to reduce production further. To offset the decline in demand.

The slowdown in the Chinese economy adds to OPEC+’s concerns about increased production from the United States. This puts downward pressure on prices.

Despite the challenges, some analysts remain optimistic about China's long-term oil demand prospects, pointing to the country's increasing oil consumption and replenishment of its reserve stocks.