China massively buys oil: Beijing is waiting for 190 supertankers in the near future


In May 2020, Beijing imported a record 47,97 million tons of crude oil (11,34 million barrels per day), Bloomberg writes, citing information from the General Customs Administration of China.


It is noted that this is 15% more than in April of this year and 160 thousand barrels per day more than the previous record set in November 2019. It is clarified that Beijing took advantage of curbing the COVID-19 pandemic and lowering global commodity prices and began massively buying up oil to replenish its strategic reserves.

According to industry expert Michael Meydan, head of research at the Oxford Institute for Energy Research in China, Beijing took this step, most likely "wanting to capitalize on low prices." He stressed that the demand for raw materials is gradually recovering in China, but there are still a lot of oil and oil products in local storage facilities (tanks).

A sharp increase in oil purchases by China was predicted even before that, when oil prices fell to $ 20 per barrel, and monitoring services and navigation resources recorded the extreme activity of the tanker fleet.

According to Sean Tan, an analyst at research firm Kpler, in early June 2020, 20 supertankers were waiting for unloading off the east coast of China. Another 170 supertankers are due to arrive in China soon. The total amount of oil delivered by the mentioned 190 supertankers in June will be 14 million barrels per day.

Bloomberg points out that after the resumption of air travel and car traffic, Chinese refineries in Shandong are breaking production records. Demand for raw materials has become steadily high, as Beijing spares no funds to stimulate economics.
Photos used: Pennykall / wikimedia.org
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  1. 123 Online
    123 (123) 11 June 2020 22: 57
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    About nothing. no If only they wrote where the tankers are coming from. Whose oil?
    1. Observer2014 Offline
      Observer2014 12 June 2020 06: 46
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      Quote: 123
      About nothing. no If only they wrote where the tankers are coming from. Whose oil?

      Whose whose. Buying cheap and selling expensive is an art. yes And then you can even argue until tomorrow whose oil.
  2. Sergey Latyshev Offline
    Sergey Latyshev (Serge) 11 June 2020 23: 18
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    But literally a week ago they wrote:
    Everything, complete kapets, nobody needs oil, no one will buy, full tankers settle in the ocean, we all bent ....

    Cool analysts, it turns out ....
    1. Observer2014 Offline
      Observer2014 12 June 2020 06: 55
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      But literally a week ago they wrote ....:

      What and how much they just don’t write about. This is just a waterfall of scribble. One Yandex Zen is just worth it. laughing
      1. Eduard Aplombov Offline
        Eduard Aplombov (Eduard Aplombov) 12 June 2020 13: 47
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        Everything for you, work, comment. After all, you spend days jumping from site to site.
    2. 123 Online
      123 (123) 12 June 2020 19: 59
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      Serge, you are quite tired of your nonsense. hi
      1. Sergey Latyshev Offline
        Sergey Latyshev (Serge) 12 June 2020 20: 09
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        According to your comments, you are an extreme optimist who does not remember what was posted on the site earlier. Here you are annoyed by the average point of view))) ..
        1. 123 Online
          123 (123) 12 June 2020 20: 18
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          According to your comments, you are an extreme optimist who does not remember what was posted on the site earlier. Here you are annoyed by the average point of view))) ..

          Is this an average point of view? belay

          Everything, complete kapets, nobody needs oil, no one will buy, full tankers settle in the ocean, we all bent ....

          Do not humiliate people to a similar "average level." no Such small details as - whose oil is in the tankers - of course, you are not interested in?
          1. Sergey Latyshev Offline
            Sergey Latyshev (Serge) 12 June 2020 20: 30
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            1. Yes. Since I do not write "neither everything was lost," nor "they all succumbed to super breakthroughs")))
            2. Already Chinese, judging by the article. To him, as a manufacturer, a drop in prices is super profitable, and so he is in a hurry.
            Yandex: Oil 38,19. And they chatted, chatted about 20 for a whole month, until they got tired ... for sure he took these 20 and took them in advance ...
            1. 123 Online
              123 (123) 12 June 2020 20: 34
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              Interesting you reason.

              Everything, complete kapets, nobody needs oil, no one will buy, full tankers settle in the ocean, we all bent ....

              Russia is an exporter of oil, if no one takes oil at all (including Russian), then how do we all bend? Show me the clown who wrote this?
              1. Sergey Latyshev Offline
                Sergey Latyshev (Serge) 12 June 2020 20: 56
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                And it seems that it was for you that I described the name of such articles about 2 weeks ago? Or do you specifically pretend that you do not understand humor, but only everything is literal?
                There were plenty of articles here and everywhere, "Russia outplayed the Saudis," the Russian Federation dunked shale gas, "etc.
                But he doesn’t take it - there were also a bunch of articles. Like, tankers disappeared into the sea, others stand idle in America ...

                Do you just want to talk?