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Trade Trends News
21-01-2025
In 2024, China's crude oil imports from its largest supplier, Russia, reached a historic high, growing by 1% compared to 2023. Russia's supply was approximately 2.17 million barrels per day, an increase of 1% from the previous year.
Saudi Arabia's oil production stood at 1.57 million barrels per day, down 9% year-on-year.
Crude oil imports from Malaysia, a major transit hub, surged by 28% to 1.41 million barrels per day.
Customs data released on January 20, 2025, showed that in 2024, China's crude oil imports from Russia grew by 1% compared to 2023, setting a new record. However, imports from Saudi Arabia dropped by 9%, as refiners turned to discounted Russian supplies to cope with falling margins.
According to China's General Administration of Customs, crude oil supplies from Russia (including pipeline and sea shipments) reached 108.5 million tons, equivalent to 2.17 million barrels per day.
Russia's maritime supply was supported by demand from independent refiners, state-owned oil giants, and government reserve mandates.
Saudi Arabia, the largest producer within OPEC, exported 78.64 million tons, or about 1.57 million barrels per day, a decrease from 1.72 million barrels per day in 2023.
For most of 2024, crude oil imports of Saudi oil to China were constrained by the rising share of discounted Russian and Iranian oil. Saudi Arabia's market share rebounded in the fourth quarter after OPEC's major price cuts and a reduction in Iranian supply.
As the world's largest crude oil importer, China's total crude oil imports fell by 1.9% in 2024, marking the first decline in annual imports since the pandemic-related drop. This decline was attributed to sluggish economic growth and peak fuel demand, which suppressed purchasing.
Malaysia, the largest transshipment hub for oil from sanctioned countries like Iran and Venezuela, saw a 28% increase in crude oil imports last year, reaching 70.38 million tons, or 1.41 million barrels per day, ranking third after Saudi Arabia.
Virtually all Iranian oil purchased by China flowed to independent refineries, including large integrated refineries and smaller, more traditional “teapot refineries,” which faced margin pressures and weak demand for fuel and chemicals.
There were no recorded crude oil imports from Iran in 2024.
In December, South America imported nearly 290,000 tons of unusual crude from Venezuela, bringing the total crude oil imports from the South American exporter to 1.5 million tons, or 30,000 barrels per day.
Last year, Brazil saw the second-fastest growth in shipments, after Malaysia, with a 17% increase, while crude oil imports from the United States fell by 36% in 2023.
Below are the crude oil import details for major suppliers, in million tons:
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