China’s crude oil imports from Russia reached a record high in 2024, rising 1% from 2023, while shipments from Saudi Arabia fell 9%, according to data released Monday.
Refiners prioritized reduced Russian supplies to cushion weak margins.
Data from the General Administration of Customs showed that China imported 108.5 million metric tons of crude from Russia, including supplies via pipelines and seaborne supplies, at an average of 2.17 million barrels per day. Demand for Russian oil has been driven by independent refiners, major state oil companies and a government mandate for storage.
Saudi Arabia supplied 78.64 million tons, equivalent to 1.57 million barrels per day, down from 1.72 million barrels per day in 2023. Chinese refiners preferred cheaper Russian and Iranian oil for most of the year, but Saudi shipments rebounded in the fourth quarter after significant price cuts and a decline in Iranian supplies. Supply.
China’s total crude oil imports fell by 1.9% in 2024, marking the first annual decline outside of pandemic-related declines, as slowing economic growth and weak fuel demand weighed on purchases. Malaysia, a major transshipment hub for sanctioned Iranian and Venezuelan oil, became China’s third-largest supplier, with imports rising 28% to 70.38 million tons, or 1.41 million barrels per day.
Iranian oil imports have not been officially recorded in 2024, although independent refiners continue to source through intermediaries. Venezuelan shipments totaled 1.5 million tons, including the December shipment of 290,000 tons. Imports from Brazil increased by 17%, while shipments from the United States decreased by 36%.