China purchased record volumes of Russian oil in 2024

China’s crude oil imports from its largest supplier, Russia, hit a new high last year.

China’s crude oil imports from Russia rose 1% in 2024 to a record high compared with 2023, Reuters reported.

At the same time, China’s oil purchases from Saudi Arabia fell 9%.

According to China’s General Administration of Customs, Russian shipments, including pipelines and seaborne shipments, totaled 108.5 million tonnes, equivalent to 2.17 million barrels per day.

Seaborne shipments from Russia were supported by demand from both independent refiners and state-owned oil companies, as well as a government mandate to build up inventories.

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

For most of 2024, Saudi oil imports to China were limited by a growing share of cheaper oil from Russia and Iran.

USM previously reported that Russian oil shipments to China tripled in January due to sanctions.