In a global comparison China has rapidly become a power able to dictate some of the terms related to the oil trade. China used to be a net exporter of crude oil but became a net importer in 1993. In 2003, China surpassed Japan to become the world’s second-largest oil consumer, after the US, or third-largest if the EU countries are included in the ranking. In 2007, China also surpassed Japan as the world’s second-biggest importer of oil.