People’s Daily recently reported that, based on the data that the General Administration of Customs (GAC) released, China imported a daily average of 7.4 million barrels of crude oil in April. This volume is the equivalent of one thirteenth of the total global daily level for the consumption of oil. China also surpassed the U.S. daily import level of 7.2 million barrels. The report suggested that the Shale Oil Revolution has rescued the United States from its dependency on imported oil. In the meantime, China’s oil demand is still climbing, even when the Chinese economy is slowing down. Experts suggested that China’s purchase of a large amount of oil from Iran last month could be the reason for the dramatic outcome in April. However they also expressed the belief that the Chinese slowdown in economic growth will continue to push up the volume of oil imports.
Source: People’s Daily, May 12, 2015