While oil-producing nations are counting their losses, one of the world’s largest importers of crude oil, China, is using this opportunity to beef up its reserves by purchasing the cheapest crude oil ever.

Bnnbloomberg.ca reported on Friday that a tanker-tracing data recorded a huge fleet of 117 very large crude carriers (VLCCs) — the industry’s largest crude carriers, each capable of lifting 2 million barrels of oil — travelling to ports in China. It was reported to arguably be the biggest number of vessels ever to be purchased by the country, with the ships expected to deliver not less than 230 million barrels of oil over the next three months. 

Many of the cargoes are believed to have been bought in April, when oil prices were historically low and producers were willing to sell at a loss to combat their low storage capacities. It was reported last month that oil refineries in the country were taking advantage of the massive discounts and purchasing ultra-cheap spot cargoes from South American countries, Brazil and Alaska, and Canada. Both state-owned corporations and independent refineries in the country were said to have been offered the crude products, as there was no demand elsewhere.

Canada’s Cold Lake Blend’s discount was $8-$9 per barrel, while Alaska’s North Slope and Brazilian Lula were sold at $5.50-$6 per barrel.

Many of the cargoes are expected to arrive between now and mid-August. China’s oil demand rose from 10.63 million in March to 11.81 million barrels per day in April, according to Bloomberg, meaning there was an increase in demand by roughly 11%.

This may not be good news for oil-producers in Africa who are expecting the Chinese market to be one of their major importers when oil prices return to normal, or stabilizes. China has already taken advantage of the situation and exporters in Africa may have to settle for a drop in demand by China for the remainder of the year, or look for other willing buyers of their crude in large quantity.