China’s crude oil imports fell 1.9% last year, the first decline outside of pandemic-related downturns. Credit: em_concepts/Shutterstock.

China’s crude oil imports from Russia increased by 1% in 2024, setting a new record compared with 2023.

The rise in imports reflects China’s preference for discounted Russian supplies amid weakened refining margins, reported Reuters.

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According to data from China’s General Administration of Customs, the imports from Russia, including pipeline and seaborne deliveries, amounted to 108.5 million tonnes (mt), equivalent to 2.17 million barrels per day (mbbl/d).

The shift towards Russian oil was attributed to its lower prices and a Chinese government mandate to bolster stockpiles.

Overall crude oil imports into China declined by 1.9% last year, the first annual decrease outside of pandemic-related downturns.

China’s crude oil purchases from Saudi Arabia, traditionally the largest producer within the Organisation of Petroleum Exporting Countries (OPEC), fell by 9%.

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Saudi shipments to China were 78.64mt, or around 1.57mbbl/d, a decrease from 1.72mbbl/d in 2023.

Imports from Malaysia, a key trans-shipment hub for oil under sanctions from Iran and Venezuela, surged by 28%, ranking it third after Saudi Arabia with 70.38mt, or 1.41mbbl/d.

China’s independent refiners, which include large integrated plants and smaller operations known as ‘teapots’, are the main purchasers of Iranian oil.

These refiners have been under pressure due to narrow margins and weak demand for fuel and chemicals.

Notably, no oil imports from Iran were recorded for the entirety of 2024.

An unexpected shipment of nearly 290,000 tonnes from Venezuela was imported in December 2024, bringing the total from the South American country to 1.5mt or 30,000 barrels per day.

Meanwhile, shipments from Brazil increased by 17%, marking the second-fastest growth after Malaysia.

In contrast, imports from the US saw a significant drop of 36% compared with 2023.