Japanese media says China is overtaking Japan to start leading international oil price trend

Chart: January 4, 2010, the petrochemical group learned that the overall level of international oil prices this year may be higher than last year, however, the oil market oversupply, the situation is still difficult to improve prices. The move means that even though domestic finished oil prices may rise overall, the market will continue to cut prices.　　Sino-New social development of Hai ' an Shan, Beijing, January 15, Japan's "Choice" monthly magazine published in January, said China is catching up with the world's second largest oil importer of Japan, and began to dominate the Middle East oil price trend, oil price formation mechanism of the dominant power to gradually transfer to China. The article holds that, as the world's second largest oil importer in the international oil market occupies an important position in Japan, its status is an unstoppable decline. Today, Saudi Arabia, the world's largest oil exporter, still has 1.6 million barrels a day to sell to Japan, which recently accounted for more than 60% of Japan's oil imports from Saudi Arabia, the UAE and Iraq.　　But this dominance will be overtaken by China this year. The article points out that China has become the world's second-largest oil consumer, with a daily average of about 8 million barrels a day, after becoming a net oil-importing country in 1993.　　In this context, the outbreak of the financial crisis and the resulting fall in oil prices are the perfect time for China to begin to take positive action to ensure its own oil rights. The article said that China's resources diplomacy began to exert influence on the Middle Eastern oil producers.　　Chinese people not only rely on their hands to build refineries in Saudi Arabia and Iran, but also actively invest in local infrastructure projects such as railways and ports.　　China has rapidly increased its influence over the international oil market and oil producers in the Middle East, not only because of the rapid expansion of domestic consumption but also, more importantly, to expand the country's oil reserves in response to rising demand.　　The article also points out that while Saudi state-owned oil companies will build oil reserves in Okinawa, Japan, and claim to ensure a stable supply of Japan, it is not difficult to see Saudi Arabia is in China's surging oil demand for the new oil base. The article further analyses that Japan is no longer a premium customer for Saudi Arabia, focusing on the future surge in China's oil demand. Saudi Arabia has had to export oil to China at a relatively cheap price in order to compete with coal, which is only 1/5 of the price of oil in China. The dominant power of the oil price formation mechanism has gradually shifted to China.