As we know that prices of crude oil have touched rock bottom, China is taking advantage of such situation by importing crude oil in bulk with help 117, very large crude carrier ships. And after processing storing the same for future. China is among the biggest importer of the crude oil in the world. Storing oil in this scenario will surely help them to lessen the burden of buying costly fuel in coming months when the world lockdown opens up. As per the reports of the Bloomberg, China will receive around 230 million barrels of oil from Mid April to Mid August. This will be the largest import of oil that China will be doing.
Local refineries in China have ramp up their production to higher scale. It is interesting to see that they are not importing oil from Middle East, but from other countries like Brazil, Canada and Russia. While rest of the world has come to haul, the price of crude oil have touched the all time low.
