China’s crude oil imports from Russia reached a record high in 2024, rising 1% compared to 2023, while shipments from Saudi Arabia fell 9%, according to data released Monday.
Refiners prioritized discounted Russian supplies to mitigate weakened margins.
China imported 108.5 million metric tons of crude from Russia, including pipeline and seaborne supplies, averaging 2.17 million barrels per day (bpd), data from the General Administration of Customs showed. Demand for Russian oil was driven by independent refiners, state oil majors, and a government mandate for stockpiling.
Saudi Arabia supplied 78.64 million tons, equivalent to 1.57 million bpd, down from 1.72 million bpd in 2023. Chinese refiners favored cheaper Russian and Iranian oil for most of the year, but Saudi shipments rebounded in the fourth quarter after significant price cuts and reduced Iranian supply.
China’s overall crude oil imports fell 1.9% in 2024, marking the first annual decline outside pandemic-related drops, as slower economic growth and subdued fuel demand affected purchases. Malaysia, a key hub for trans-shipment of sanctioned Iranian and Venezuelan oil, became China’s third-largest supplier, with imports rising 28% to 70.38 million tons, or 1.41 million bpd.
Iranian oil imports were not officially recorded in 2024, although independent refiners continued sourcing through intermediaries. Venezuelan shipments totaled 1.5 million tons, including a December cargo of 290,000 tons. Imports from Brazil increased 17%, while shipments from the U.S. dropped 36%.
