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

China’s crude oil imports from Russia rose 1% in 2024, setting a new record compared to 2023.

The rise in imports reflects China’s preference for discounted Russian supplies amid weakened refining margins, it said. Reuters:.

Imports from Russia, including pipeline and seaborne shipments, totaled 108.5 million tonnes (mt), equivalent to 2.17 million barrels per day (mb/d), according to China’s General Administration of Customs.

The switch to Russian oil was driven by its low prices and the Chinese government’s mandate to shore up reserves.

China’s total crude oil imports fell 1.9% last year, the first annual decline outside of pandemic-related declines.

China’s crude oil purchases from Saudi Arabia, traditionally the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), fell 9%.

Saudi Arabian shipments to China totaled 78.64 million tons, or about 1.57 mb/d, down from 1.72 mb/d in 2023.

Imports from Malaysia, a key transit hub for oil from Iran and Venezuela under sanctions, rose 28% to 70.38 million tonnes or 1.41 mbl/d, third behind Saudi Arabia.

China’s independent refiners, which include large integrated mills and smaller units known as “kettles,” are the main buyers of Iranian oil.

These refineries have come under pressure due to tight margins and weak demand for fuels and chemicals.

It is noteworthy that during the entire year of 2024, no oil import from Iran was registered.

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

Meanwhile, shipments from Brazil rose 17%, the second-fastest growth after Malaysia.

In contrast, imports from the US fell significantly by 36% compared to 2023.

“China’s crude oil imports from Russia hit new peak in 2024” was originally created and published by: Offshore technologyTrademark owned by GlobalData.

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