It was reported that 83 oil tankers fromthe Middle East were sailing on the way back to China days ago, which meant 166million buckets of the crude oil were carried to China.
As is known to everybody, the crude oil price has been down for around ayear. It is around 45 dollars wandering at a very low price. Obviously, theoutput of crude oil is overplus. Two huge consumers in this field China andAmerica become the focus. They have cut sharply down the amount in import inthe past year, especially America who has produced enough crude oil for itsneed.
Every day in the first quarter, China imported 7.7 million buckets ofcrude oil on average according to the media, becoming the first biggestimporter in the world. It is because China is making use of the capability toproduce oil and tries to build more bases to expand more capability so thatmore oil can be stored. It is a national strategy plan.
We see that the crude oil price has been up in the past weeks. Whodrives it up? Surely, China is one of them. Do you think so? Could you predict its future?