China overtook the US and became the world largest importer of oil

Almaty. May 13. Silkroadnews - Last month, China overtook the United States, and became the largest oil importer in the world, informed the newspaper "People's Daily".
"Administration of China Customs data show that in April crude oil imports reached 7.4 million barrels per day (equivalent to 1/13 of the daily consumption of oil in the world), which is higher than the US rate - 7.2 million barrels per day", - said in a publication.
According to forecasts, China will overtake the US in terms of oil imports in the second half of this year. However, the April data showed that the shale revolution in the United States reduces the country's dependence on imported oil, while the demand for oil in China is weakening due to the economic slowdown.
It is noted that public traders in China are playing an increasingly important role in the oil market. They have already established a new trading department level, working with western companies such as British Petroleum (BP) and Royal Dutch Shell, in such banks like Goldman Sachs and is in direct competition with those old traders like Vitol and Glencore.
"US has high oil prices after the financial crisis and more energy-efficient cars slowed down consumption of oil. And a splash of shale oil mining for the last three years has reduced imports of oil", - said in a statement.
At the same time, oil companies are dissatisfied with the US government's restrictions on the export of crude oil, these limits have been introduced during the oil crisis of the 1970s.