China imported a record 78.7 million barrels of oil per day in the first quarter of 2016. Bloomberg reported China shipped 32.57 million metric tons of oil in April alone, up 3.2% from the previous month. There are currently 83 supertankers loaded with 1.66 million barrels of crude oil bound for China.
Time reported that while the whole world is guessing if the price of oil will fall to $20 or even $10 a barrel, China has been busy building up a huge oil reserve. China’s oil imports have reached record levels since the beginning of the year.
Reuters reported in January 2015 that China planned to expand its strategic oil reserves from 30 days to 90 days. In January 2016, reports surfaced that China was building underground oil storage to supplement their ground storage tanks.
It is clear that China does not believe that the price of crude oil will remain this low long term. However, the nation’s actions could push oil prices up.
Source: inews.qq.com
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Keywords: China crude oil China oil storage China oil imports
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China usually things long term ... they have been buying gold, now stocking up oil ... I think its worth we pay attention ... btw Canadas disaster fire in the oilsands (Ft McMurray) could help lift oil prices up, among other things ... Im no expert but this is my opinion of average reader
May 16, 2016 14:13 Report Abuse
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