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China purchased record volumes of oil from Russia in 2024, increasing imports by 1% year-on-year. The total supply amounted to 108.5 million metric tonnes, equivalent to 2.17 million barrels per day, Reuters reports, citing data from the General Administration of Customs of China.
Russia is ahead of Saudi Arabia
This significant increase in imports came amid a decline in purchases from Saudi Arabia, which fell by 9% to 78.64 million tonnes (1.57 million barrels per day). Saudi Arabia, the largest producer within OPEC, lost ground to Russia due to growing demand for cheaper Russian oil, which has become popular among Chinese refiners.
Factors driving growth in supplies from Russia
- The low price of Russian oil offset the decline in refining profitability.
- Demand from independent processors and large state-owned companies.
- Government policy is aimed at increasing strategic energy reserves.
Imports from Malaysia and sanctioned supplies
Malaysia took the third place in terms of imports, with supplies increasing by 28% to 70.38 million tonnes (1.41 million bpd). This jump is explained by the fact that Malaysia is a key transit point for sanctioned oil from Iran and Venezuela.
Total crude oil imports declined
Despite record volumes of purchases from Russia, China’s total crude oil imports in 2024 decreased by 1.9%. This was the first decline not related to the pandemic, driven by slower economic growth and lower demand for fuel.
