January 20, 2025
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Economy

China sets a new record for Russian oil imports in 2024

China sets a new record for Russian oil imports in 2024Oil imports from Russia to China increased by 1% to reach a record 108.5 million tons in 2024. At the same time, supplies from
Saudi Arabia fell by 9%, and total oil imports to China decreased by 1.9%.
”, — write: unn.ua

China’s crude oil imports from Russia, the country’s top supplier, rose 1% in 2024 to a record high compared to 2023, while purchases from Saudi Arabia fell 9%, data showed on Monday, Reuters reported, UNN reported.

Details

The volume of supplies from Russia, including pipeline and sea deliveries, amounted to 108.5 million metric tons, according to the General Administration of Customs of China, which is equivalent to 2.17 million barrels per day.

Marine supplies from Russia were supported by demand from both independent refineries and large state-owned oil companies, as well as by the government’s order to build up stockpiles, Reuters reports.

Saudi Arabia, the largest producer of the Organization of the Petroleum Exporting Countries (OPEC), supplied 78.64 million tons, or about 1.57 million barrels per day, down from 1.72 million barrels per day in 2023.

For most of 2024, China’s imports of Saudi oil were limited to a growing share of cheaper oil from Russia and Iran due to higher prices. Saudi Arabia’s market share recovered in the fourth quarter after a sharp price cut by the OPEC leader and a decline in supplies from Iran.

Total crude oil imports to China, the world’s largest buyer of crude oil, fell by 1.9% last year, the first year-on-year drop excluding pandemic-related declines, as sluggish economic growth and peak fuel demand curbed purchases.

Imports from Malaysia, the main transshipment point for sanctioned oil from Iran and Venezuela, increased by 28% last year to 70.38 million tons or 1.41 million barrels per day, putting the country in third place after Saudi Arabia.

Almost all of China’s purchases of Iranian crude end up at the country’s independent refineries, which include large integrated plants and more traditional small plants known as “kettles,” as both groups come under pressure from shrinking margins and low demand for fuel and chemicals.

“There were no oil imports from Iran in 2024,” the publication writes.

The data showed that in December, about 290,000 tons of cargo were imported from Venezuela, bringing the total volume of supplies from the American exporter to 1.5 million tons or 30,000 barrels per day.

Shipments from Brazil grew last year in second place after Malaysia, with volumes up 17%, while imports from the US fell 36% compared to 2023.

Russia becomes the largest oil supplier to China – Reuters20.01.24, 23:21 • 29543 views

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