In 2024, China's crude oil imports from Russia reached a record high, increasing by 1% compared to 2023, while imports from Saudi Arabia decreased by 9%. Russian supplies, including both pipeline and seaborne deliveries, amounted to 108.5 million metric tons, equivalent to 2.17 million barrels per day (bpd). Demand for Russian seaborne supplies in China was driven by both independent refiners and state oil majors, supported by government directives.
On the other hand, Saudi Arabia, the leading OPEC producer, shipped 78.64 million tons to China, translating to about 1.57 million bpd, down from 1.72 million bpd in 2023. The shift in Saudi Arabia's market share was influenced by competitive pricing strategies from Russia and Iran. Despite challenges, Saudi Arabia managed to increase its market share in the fourth quarter through aggressive price adjustments.
Overall, China recorded a 1.9% decrease in total crude oil imports in 2024, deviating from the pandemic-induced falls in previous years due to sluggish economic growth and stabilizing fuel demand. Notably, imports from Malaysia surged by 28% to 70.38 million tons, making it the third-largest supplier after Saudi Arabia. Not a single oil import from Iran was observed throughout the year.
Additionally, a peculiar shipment of nearly 290,000 tons from Venezuela in December contributed to a total of 1.5 million tons imported from the South American country, equivalent to 30,000 bpd. While imports from Brazil saw a 17% increase, imports from the U.S. experienced a sharp 36% decline compared to 2023.
Below are the import details from key suppliers, listed in million metric tons:
(metric ton = 7.3 barrels for crude oil conversion)