China’s crude oil imports from Russia hit new peak in 2024

China's crude oil imports from Russia increased by 1% in 2024, setting a new record compared with 2023.

The rise in imports reflects China's preference for discounted Russian supplies amid weakened refining margins, reported Reuters.

According to data from China's General Administration of Customs, the imports from Russia, including pipeline and seaborne deliveries, amounted to 108.5 million tonnes (mt), equivalent to 2.17 million barrels per day (mbbl/d).

The shift towards Russian oil was attributed to its lower prices and a Chinese government mandate to bolster stockpiles.

Overall crude oil imports into China declined by 1.9% last year, the first annual decrease outside of pandemic-related downturns.

China's crude oil purchases from Saudi Arabia, traditionally the largest producer within the Organisation of Petroleum Exporting Countries (OPEC), fell by 9%.

Saudi shipments to China were 78.64mt, or around 1.57mbbl/d, a decrease from 1.72mbbl/d in 2023.

Imports from Malaysia, a key trans-shipment hub for oil under sanctions from Iran and Venezuela, surged by 28%, ranking it third after Saudi Arabia with 70.38mt, or 1.41mbbl/d.

China's independent refiners, which include large integrated plants and smaller operations known as 'teapots', are the main purchasers of Iranian oil.

These refiners have been under pressure due to narrow margins and weak demand for fuel and chemicals.

Notably, no oil imports from Iran were recorded for the entirety of 2024.

An unexpected shipment of nearly 290,000 tonnes from Venezuela was imported in December 2024, bringing the total from the South American country to 1.5mt or 30,000 barrels per day.

Meanwhile, shipments from Brazil increased by 17%, marking the second-fastest growth after Malaysia.

In contrast, imports from the US saw a significant drop of 36% compared with 2023.

"China’s crude oil imports from Russia hit new peak in 2024" was originally created and published by Offshore Technology, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.