China’s crude oil imports from Russia reached a new high in 2024

Crude oil imports from Russia to China increased by 1% in 2024.

The rise in imports shows China’s preference for cheaper Russian supplies amid weakened refining margins, it reported. Reuters.

According to data from China’s General Administration of Customs, imports from Russia, including pipeline and seaborne shipments, totaled 108.5 million tons (MT), which is equivalent to 2.17 million barrels per day (MBL/d).

The shift to Russian oil was driven by low prices and the Chinese government’s order to strengthen reserves.

Overall, China’s crude oil imports fell 1.9 percent last year, the first annual decline since the pandemic-related changes.

China’s crude oil purchases from Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), fell 9 percent.

Saudi exports to China were 78.64mt, or about 1.57mbl/d, down from 1.72mbl/d in 2023.

Imports from Malaysia, a key oil shipping hub amid sanctions from Iran and Venezuela, rose 28 percent, followed by Saudi Arabia at 70.38mt, or 1.41mbbl/d.

Chinese independent refiners, which include large integrated plants and smaller operations, are the main buyers of Iranian oil.

These refineries have come under pressure due to tight margins and weak demand for oil and chemicals.

Especially in the year By 2024, no oil imports from Iran have been recorded.

In December 2024, almost 290,000 tonnes of unexpected cargo was imported from Venezuela, bringing the South American country’s output to 1.5mt or 30,000 barrels per day.

Meanwhile, exports from Brazil rose 17 percent, the second-fastest growth after Malaysia.

On the other hand, imports from the United States have decreased by 36 percent compared to 2023.

China’s crude oil imports from Russia hit a new high in 2024. Coastal technologyA trademark owned by GlobalData.

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