China is hoarding cheap oil in a fleet of supertankers

China is hoarding cheap oil in a fleet of supertankers

June 5, 2015
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The world’s second-largest economy become the top oil importer in April. The key reason? China is taking advantage of cheap oil to boost its strategic reserves.

“They’ve been building out strategic storage. The goal is to build out to about 500 million barrels, compared to the U.S. capacity of 700 million to 800 million barrels,” said Jeff Brown of Singapore-based energy consultants FGE.

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Source: www.hellenicshippingnews.com