China’s crude oil imports from its largest supplier, Russia, surged to record levels in 2024, while imports from Saudi Arabia declined.
According to China’s General Administration of Customs, the country imported 108.5 million metric tons (mmt) from Russia, including both pipeline and seaborne supplies, equivalent to 2.17 million barrels per day (bpd).
In contrast, Saudi Arabia shipped 78.64 mmt to China, or 1.57 million bpd, marking a 9% drop compared to the 1.72 million bpd recorded in 2023.
Meanwhile, China’s total crude oil imports — as the world’s largest oil buyer — fell by 1.9% year-on-year due to weak economic growth.
|
Top Crude Oil Suppliers to China in 2024 |
|||
|
Rank |
Country |
Imports (mmt) |
YoY Change |
|
1 |
Russia |
108.5 |
1% |
|
2 |
Saudi Arabia |
75.64 |
(9%) |
|
3 |
Iraq |
63.83 |
8% |
|
4 |
UAE |
3.54 |
(15%) |
|
5 |
Brazil |
44.07 |
17% |
|
6 |
Oman |
40.78 |
4% |
|
7 |
Malisia |
70.38 |
28% |
|
8 |
Angola |
26.46 |
(12%) |
|
9 |
Kuwait |
13.77 |
(44%) |
|
10 |
USA |
9.10 |
(36%) |
|
11 |
Iran |
0 |
- |
|
12 |
Venezuela |
1.496 |
- |
Source: Reuters
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