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…
EconMatters
China's Crude Oil Buying SpreeRakesh Upadhyay for Oilprice.com
1 comment:
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.
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