China's Crude Oil Imports: Russia Dominates, Saudi Arabia Falls

Key Findings:

* China's crude oil imports from Russia increased 1% in 2024, reaching a record high.
* Saudi Arabia's imports dropped 9%, with a market share rebound in the fourth quarter.
* Malaysia emerged as a major trans-shipment hub for Iranian and Venezuelan oil.
* Imports from Brazil and Oman rose, while those from the U.S. declined.

Details:

Russia remains China's largest crude oil supplier, accounting for 108.5 million metric tons (mt) or 2.17 million barrels per day (bpd) in 2024. Seaborne supplies from Russia played a significant role in meeting demand from independent refiners and state oil majors.

Saudi Arabia, the largest OPEC producer, saw its exports to China decline to 78.64 mt (1.57 million bpd) from 1.72 million bpd in 2023. Rising Russian and Iranian imports limited Saudi's market share.

Malaysia emerged as a key trans-shipment center for oil from Iran and Venezuela, with imports rising 28% to 70.38 mt (1.41 million bpd). Independent refiners rely heavily on Iranian oil.

Brazil and Oman also increased their exports to China, while U.S. imports declined 36% over 2023.

Additional Data:

| Country | December 2024 (mt) | Year-over-Year Change | 2024 Total (mt) | Year-over-Year Change |
|---|---|---|---|---|
| Russia | 9.406 | -1.63% | 108.50 | 1% |
| Saudi Arabia | 6.373 | 6.44% | 78.64 | -9% |
| Iraq | 4.719 | -8.00% | 63.83 | 8% |
| United Arab Emirates | 2.819 | -22.45% | 35.54 | -15% |
| Brazil | 2.577 | -25.93% | 44.07 | 17% |
| Oman | 4.042 | 2.52% | 40.78 | 4% |
| Malaysia | 6.813 | 46.63% | 70.38 | 28% |
| Angola | 2.692 | -11.34% | 26.46 | -12% |
| Kuwait | 1.483 | -22.49% | 13.77 | -44% |
| United States | 0.910 | -21.36% | 9.10 | -36% |
| Iran | 0 | N/A | 0 | N/A |
| Venezuela | 0.289 | N/A | 1.496 | N/A |