China’s crude oil imports from its largest supplier, Russia, rose by 1% in 2024, reaching a record high compared to 2023, while imports from Saudi Arabia fell by 9%, according to a Reuters report on January 20.
The increase in Russian oil purchases came as Chinese refiners sought discounted supplies to offset weakened profit margins.
According to the news agency, this rise brought China’s total crude oil imports from Russia to 108.5 million metric tons in 2024, equivalent to roughly 2.17 million barrels per day (bpd).
The surge in Russian supply was fueled by robust demand from independent Chinese refiners and state-owned oil giants, as well as a government directive to bolster strategic crude reserves.
China has been cutting back on crude oil imports from Saudi Arabia, driven by rising prices for Saudi oil and an increasing preference for lower-cost supplies from Russia and Iran, Reuters reports.
Saudi Arabia, the leading producer within the Organization of the Petroleum Exporting Countries (OPEC), supplied 78.64 million metric tons of crude oil to China in 2024, averaging approximately 1.57 million bpd. This marked a decline from the 1.72 million bpd delivered in 2023.
On January 17, reports revealed that six oil tankers currently under construction at Russia’s Zvezda shipyard have been included in the latest US sanctions announced last week, marking the first time the US has sanctioned vessels before they became operational.
On January 10, the Biden administration unveiled its most extensive sanctions package to date, targeting Russia’s oil and liquefied natural gas sectors. Officials said these measures could cost its economy billions of dollars per month.
-924c3c302c27387e19f6c44aaeb98745.png "Photo of Maryna Kulakova")
