China’s crude oil imports from Russia hit record high in 2024

Reuters reported that this increase brought the total volume from Russia to 108.5 million metric tons, or approximately 2.17 million barrels per day (bpd). This increase in Russian supply was driven by strong demand from both independent Chinese refiners and state oil giants, along with a government mandate to stockpile crude. 

In contrast, Saudi Arabia, the largest member of OPEC, saw a decline in its shipments to China by 9%, totaling 78.64 million tons (1.57 million bpd), down from 2023 levels of 1.72 million bpd.

For much of 2024, China’s crude imports from Saudi Arabia were constrained due to the growing share of discounted Russian and Iranian oil, following higher prices. However, Saudi Arabia’s market share recovered in the fourth quarter, thanks to significant price cuts by OPEC and reduced Iranian supply. 

Overall, China’s total crude oil imports fell by 1.9% in 2024, marking the first annual drop in imports outside of the pandemic-induced declines. This decline was primarily due to slow economic growth and weak fuel demand. Meanwhile, imports from Malaysia, a key hub for trans-shipping sanctioned oil from Iran and Venezuela, rose sharply by 28% to 70.38 million tons (1.41 million bpd), placing Malaysia as the third-largest supplier to China. 

Notably, no oil imports were recorded from Iran throughout 2024. Venezuela also made a return to China's oil market, with a December shipment of nearly 290,000 tons, bringing the total for the year to 1.5 million tons (30,000 bpd). Additionally, Brazil's oil exports to China grew by 17%, while imports from the U.S. dropped sharply by 36%.

• One of India’s biggest refiners has sharply increased oil imports from the Middle East to make up for declining Russian supplies.