China overtakes Japan to become 2nd largest oil importer

China has overtaken Japan to become the world’s second-largest oil importer. According to preliminary Finance Ministry trade reports released in Tokyo, Japan shipped 213 million kiloliters, or 3.67 million barrels per day (bpd), in 2009 compared to the 4.1 million bpd that China imported, according to figures from China’s General Administration of Customs. Japan’s crude oil imports fell by 11.9% in 2009, their sharpest year-on-year decline since records began in 1979 and the lowest actual level of crude oil imports since 1989. Meanwhile China’s oil imports were at a record high and accounted for around 52% of total consumption, the first time the 50% mark was breached. (January 27, 2010)