Oil Price goes on to say that, “On Tuesday, we got another indication of precisely that: Unipec, the largest oil trader in China and the trading unit of state-held refiner Sinopec, and PetroChina, the largest oil and gas producer and distributor in China, have both hired ten supertankers in March to haul US crude back to Asia, according to Bloomberg, citing people with direct knowledge of the matter. Each vessel can transport a whopping 2 million barrels of crude. The people said that the loading of the tankers is expected to occur across US Gulf Coast terminals. “Chinese buying activity of US barrels seems to be the hottest activity right now,” Viktor Katona, a lead crude analyst at Kpler, told Bloomberg. He said Chinese firms are taking advantage of a “remarkable, profitable arbitrage” for US crude that has been suppressed because of Biden’s massive releases from the Strategic Petroleum Reserve.
Another retard move
Biden selling SPR to China
Re: Biden selling SPR to China
Maybe stockpiling their SPR in advance of Taiwan Invasion. From Biden to China with love.