Oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China © Reuters / Stringer
OilpPrice.com: A Huge Fleet Of 117 Tankers Is Bringing Super Cheap Crude To China
While the rest of the world is tentatively coming out of lockdowns, China is taking advantage of the cheapest crude oil in years to stock up as demand is starting to return in the world’s largest oil importer, Bloomberg reported on Friday, citing tanker-tracking data it has compiled. At present, a total of 117 very large crude carriers (VLCCs) – each capable of shipping 2 million barrels of oil – are traveling to China for unloading at its ports between the middle of May and the middle of August. If those supertankers transport standard-size crude oil cargoes, it could mean that China expects at least 230 million barrels of oil over the next three months, according to Bloomberg. The fleet en route to China could be the largest number of supertankers traveling to the world’s top oil importer at one time, ever, Bloomberg News’ Firat Kayakiran says.
Many of the crude oil cargoes are likely to have been bought in April, when prices were lower than the current price and when WTI Crude futures even dipped into negative territory for a day.
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Update: A huge fleet of 117 tankers is bringing super cheap crude to China (RT)
WNU Editor: More signs that the economy is returning back to per-corinovarus levels in China .... China’s Oil Demand Rebounds To Pre-Coronavirus Levels (OilPrice.com).
