Spring Oil Flood Causes Summer Queues in Chinese Ports

Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April’s oil price crash, according to traders and shipping data. More than 80 million barrels of crude oil are currently waiting to be discharged from tankers in Chinese ports, Refinitiv Eikon data showed. Half of those are at the Qingdao port area in Shandong province, where the waiting time is two-three weeks or sometimes even longer, according to four traders.

“Our vessel arrived during the first days of June, but we’re still waiting to offload”, a trader with one oil major said. The congestion at Chinese ports looks set to persist throughout July as there are still many tankers waiting to offload and more coming, traders said…

View entirety: Reuters