China has now surpassed the U.S. as the world’s largest importer of crude oil, according to a report. Chinese customs statistics for April showed the nation imported 3.029 million metric tons of crude oil (roughly 222 million barrels), marking a 13% jump from March.
The total would be equivalent to 7.4 million barrels per day, accounting for about 1 in every 13 barrels consumed worldwide and overtaking the U.S., with imports of 7.2 million barrels a day, according to Financial Times calculations. In fact, the latest data from the U.S. Energy Information Administration put U.S. imports even lower, at an average of 7.11 million and 7.15 million barrels of crude oil per day in February and January, respectively.
The gain for Chinese imports contrasted with China’s exports of crude oil, which fell 41% during April to 440,000 metric tons.
Contributed BY Sonia Narula