China's crude oil imports from Russia hit a record high in 2024, while imports from Saudi Arabia declined, reflecting a shift in China's sourcing strategy amid geopolitical tensions and sanctions.
Cheap cargoes and weak refining margins boosted China ’s crude oil imports from Russia to a record high in 2024, while imports from the world’s top crude exporter and Russia n ally in OPEC, Saudi Arabia , dipped by 9%, according to official Chinese data compiled by Reuters. Last year, Chinese refiners continued to purchase lower-priced barrels from Russia and imports of Russia n crude rose by 1% to an annual record-high of 2.
Malaysia became the third-largest crude oil supplier to China last year, mostly due to the Southeast Asian country acting as a trans-shipment hub for Iranian and Venezuelan cargoes. The official Chinese data didn’t show any crude imports from Iran, but it is China, especially its independent refiners, that is the biggest buyer of Iranian crude, taking more than 90% of Iran’s total export volumes.
Crude Oil Imports Russia Saudi Arabia Sanctions Oil Prices Supply Chain Geopolitics Refineries Imports
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