*Japan’s crude imports fell by 8.8% to 2.32mn b/d for 2024, less than half of the peak 5mn b/d figure hit in the early 1970s. Back then Japan was the world’s clear number two importer behind the USA, whose imports peaked at 10.13mn b/d in 2005. But in 2009 it was overtaken by China, in 2012 by India and in 2020 by South Korea (see chart 1).