Wednesday, May 4, 2016

Ramesh Upadhyay — China's Crude Oil Buying Spree

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…
China's Crude Oil Buying Spree
Rakesh Upadhyay for

1 comment:

MRW said...

Of course they are. And our idiotic pundits and journos fail to face reality. Then there’s the truly foolish new young 30-year-old running Saudi Arabia who thinks he can best the Chinese at their strategy. Good luck with that.