The soaring imports came as a surprise as China was sputtering
China overtook the United States as the world's top importer of crude oil for the first time.
Singapore: China overtook the United States as the world’s top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.
The soaring imports came as a surprise as China was sputtering and its oil demand was expected to ease. However, low oil prices and China’s series of interest rate cuts — including one over the weekend — in a bid to stoke growth are factors boosting demand.
China's crude oil imports hit a record of almost 7.4 million barrels a day last month, putting it ahead of the United States imports of 7.2 million bpd for April.
( Source : reuters )
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