China overtook U.S.as the world's biggest importer of crude oil in April

 China's budgetary purchases of crude oil from overseas hitting a new high of 7.4M barrels a day (equivalent to roughly one in every 13 barrels consumed globally) and topping U.S. imports of 7.2M bpd. While China's imports are not expected to consistently surpass those of the U.S. until the second half of this year, the move highlights how the U.S. shale revolution has cut the country’s reliance on oil from overseas - and how China's demand has grown even as its economy slows.