“China’s oil imports from its main supplier, Russia, rose 1% in 2024 compared to 2023, reaching a record high.”, — write: epravda.com.ua
China’s oil imports from its main supplier, Russia, rose 1% in 2024 compared to 2023, reaching a record high. This is reported by the Reuters agency. At the same time, imports from Saudi Arabia decreased by 9%, according to data released on Monday. This came as refiners sought cheaper Russian oil to offset weakening margins. Shipments from Russia, including pipeline and seaborne supplies, totaled 108.5 million metric tons, equivalent to 2.17 million barrels per day, according to China’s General Administration of Customs.Advertisement: Seaborne supplies from Russia were supported by demand from both independent processors, and large state-owned oil companies, as well as a government order to build up reserves, Reuters reports. Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), delivered 78.64 million tonnes, or about 1.57 million bpd, down from 1.72 million bpd in 2023. For most of 2024, Saudi oil imports to China were constrained by a rising share of cheaper oil from Russia and Iran due to higher prices. Saudi Arabia’s market share rose in the fourth quarter after significant price cuts by OPEC and cuts in supplies from Iran.Advertisement: Total crude oil imports to China, the world’s largest oil buyer, fell 1.9% in 2024, the first annual decline outside periods caused by the pandemic. This is due to weak economic growth and reduced demand for fuel. Imports from Malaysia, one of the main transit hubs for sanctioned oil from Iran and Venezuela, rose 28% to 70.38 million tonnes, or 1.41 million bpd, putting Malaysia in third place behind Saudi Arabia. Almost all of the Iranian oil China buys goes to independent refiners, including large integrated refiners and traditional smaller units known as “kettles,” as both groups come under pressure from low margins and weak demand for fuels and chemicals. In December, an unusual shipment of almost 290,000 tons was imported from Venezuela. The total volume of supplies from this country in 2024 was 1.5 million tons, or 30 thousand b/d.