Russia Remains China's Top Crude Supplier in 2024

In 2024, China's crude oil imports from Russia reached a record high, rising by 1% compared to 2023. The increase in imports from Russia is attributed to refiners seeking discounted supplies amidst falling margins.

Data from China's General Administration of Customs indicates that Russia's oil supply, including pipeline and seaborne shipments, amounted to 108.5 million metric tons, equivalent to 2.17 million barrels per day (bpd).

Saudi Arabia's Market Share Rebounds

In contrast, China's imports from Saudi Arabia, the largest producer in OPEC, declined by 9% in 2024. This drop was mainly due to lower prices offered by Russia and Iran, which limited Saudi Arabia's market share.

However, in the fourth quarter, Saudi Arabia's market share rebounded due to steep price cuts and reduced supply from Iran.

Malaysia Emerges as Third Largest Supplier

Malaysia, a prominent transshipment hub for sanctioned oil from Iran and Venezuela, emerged as China's third largest supplier in 2024, with a 28% increase in imports.

Other Notable Trends

* Total crude oil imports into China declined by 1.9% in 2024, marking the first annual drop outside of pandemic-related factors.
* Shipments from Brazil rose by 17%, while imports from the U.S. plummeted by 36%.
* Iran's oil exports to China were not officially recorded in 2024.