Ship tracking data from Bloomberg shows that 83 supertankers carrying around 166 million barrels of oil are headed to China, which has stockpiled an impressive 787,000 barrels a day in the first quarter of 2016—the highest stockpiling rate since 2014.
While the world was speculating about oil prices plunging to $20 and $10 per barrel, China was busy stockpiling its reserves.
The chart below shows an increase in imports as crude prices collapsed. Since the beginning of this year, China has imported a record quantity of oil…
EconMattersChina's Crude Oil Buying Spree
Rakesh Upadhyay for Oilprice.com