A Huge Number of Oil Supertankers Are Pointing at China’s Ports
- Number of supertankers signaling China highest since July
- Armada bound for nation is very high for the time of year
Photographer: Tim Rue/Bloomberg
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Is China piling into the crude oil market again? A snapshot of where the world’s supertankers are headed suggests it may well be.
The number of the vessels sailing toward the shores of world’s largest importer jumped to a six-month high of 127 on Friday. Fully laden, they would deliver in excess of 250 million barrels. The last time the number was higher was in the aftermath of oil’s plunge below zero, when China binged on ultra-cheap crude to bolster domestic stockpiles.