| From an economic and strategic perspective the Strait of Malacca is one of the most important shipping lanes in the world, an equivalent of the Suez Canal, or the Panama Canal. The Strait forms the main ship passageway between the Indian Ocean and the Pacific Ocean, linking three of the world's most populous nations: India, Indonesia and China as well as linking the regions west of the strait with powerhouse economies such as Japan, South Korea and Taiwan. The Strait carries 50,000 vessels per year, carrying between one-fifth and one quarter of the world's sea trade.[citation needed] A quarter of all oil shipments carried by sea come through the Strait, in 2003, an estimated 11 million barrels (1,700,000 m³) a day,[citation needed] a trade that is expected to expand as oil consumption rises in China.
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