Russia maintains lead in China's oil market as imports hit all-time high
China has continued to increase its oil imports from Russia, solidifying Russia's position as the largest oil exporter to China by the end of 2024.
According to data from the General Customs Administration of China, Russian oil shipments reached a record-breaking 108.47 million tons, marking a significant rise in imports, Caliber.Az reports per Russian media.
In terms of average daily supplies, Russian oil deliveries to China in 2024 amounted to 2.19 million barrels per day (bpd), up from 2.14 million bpd in 2023. The total value of these imports was $60.2 billion, representing a 2.8 per cent increase from the previous year.
Saudi Arabia maintained its position as the second-largest exporter of oil to China, although its shipments decreased by 8.5 per cent in 2024 to 78.64 million tons, or 1.55 million bpd. The total value of Saudi oil exports to China stood at $47.86 billion.
The decline in Saudi Arabia's share of the Chinese oil market is attributed to the rising volumes of oil imports from Malaysia, which is believed to act as an intermediary for cheaper crude from countries such as Iran and Venezuela. China increased its oil imports from Malaysia by 28.4 per cent in 2024, reaching 70.33 million tons, or 1.39 million bpd. The total expenditure on Malaysian oil imports amounted to $38.3 billion.
Iraq, which had been among the top three oil exporters to China, dropped out of the ranking in 2024. However, the volume of its oil exports to China increased by 7.7 per cent, reaching 63.64 million tons, or 1.24 million bpd. China spent nearly $40 billion on Iraqi oil last year.
According to reports, China imported a total of 553.4 million tons of oil in 2024, representing a decline of 1.9 per cent compared to the previous year. On a daily average, oil supplies to China amounted to 11.04 million barrels per day (bpd), down from 11.28 million bpd in 2023. The total value of the imported crude oil decreased by 3.9 per cent, reaching $324.8 billion.
By Vafa Guliyeva