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11 May 2015
China toppled US to become a top Crude importer in April
FXStreet (Mumbai) - China, the world’s second largest economy, is now the world’s largest importer of Crude Oil. China overtook US as the largest importer of Crude for the first time April.
As per Reuters data, China's crude oil imports hit a record of almost 7.4 million barrels a day (bpd) last month, taking it ahead of the United States' estimated imports of 7.2 million bpd for April. China is also a top consumer of metals - coal, iron ore and most other base metals.
The record high crude imports contradict the slowdown in the Chinese economy. However, demand may be boosted due to lower oil prices and back-to-back interest rate cuts in China. Saudi oil minister Ali al-Naimi was on a high profile visit to China in April had said he was "very positive" about continued strong demand from China.
As per Reuters data, China's crude oil imports hit a record of almost 7.4 million barrels a day (bpd) last month, taking it ahead of the United States' estimated imports of 7.2 million bpd for April. China is also a top consumer of metals - coal, iron ore and most other base metals.
The record high crude imports contradict the slowdown in the Chinese economy. However, demand may be boosted due to lower oil prices and back-to-back interest rate cuts in China. Saudi oil minister Ali al-Naimi was on a high profile visit to China in April had said he was "very positive" about continued strong demand from China.