While the world’s crude oil market quakes in the wake of prices plummeting, there could be a piece of good news appearing on the horizon, as China, the most populous country in the world, overtook the United States of America as the world’s biggest importer of crude oil.
Reports show that in April, China’s crude oil purchases from overseas hit a new high of 7.4M barrels a day (equivalent to roughly one in every 13 barrels consumed globally) topping U.S. imports of 7.2M bpd.
While China’s imports are not expected to consistently surpass those of the U.S. until the second half of this year, the move highlights how the U.S. shale revolution has cut the country’s reliance on oil from overseas – and how China’s demand has grown even as its economy slows.