China imports record amount of Russian crude oil in 2024, Reuters reports
Imports of Russian crude oil to China reached a record high in 2024, rising by 1% compared to 2023, Reuters reported on Jan. 20.
The Russian fossil fuel industry is the primary economic driver of Moscow's full-scale war against Ukraine. Despite sanctions and Ukrainian strikes on Russian oil production, China, the world's largest crude oil buyer, continues to import from Russia.
According to China's General Administration of Customs, in 2024, 108.5 million metric tons were imported, including through pipelines and sea deliveries, equivalent to nearly 2.17 million barrels per day.
Meanwhile, China has reduced supplies from Saudi Arabia by 9%. Saudi Arabia shipped 78.64 million tons, or about 1.57 million barrels per day, which is 1.72 million barrels per day less than in 2023.
China has been reducing its imports from Saudi Arabia due to rising crude oil prices in the country and the growing share of oil from Russia and Iran at lower prices, according to Reuters.
Yet, in the fourth quarter, Saudi Arabia's share of China's imports increased after Iran's supplies declined and prices of the OPEC oil cartel, which Russia is a member of, fell.
China also imported 28% more than usual from Malaysia, the main transshipment center for sanctioned oil from Iran and Venezuela. In December, almost 295,000 tons were exported from Venezuela. This country's total volume of supplies in 2024 amounted to 1.5 million tons or 30,000 barrels per day.
No oil imports from Iran were recorded for the whole of 2024.
Total crude oil imports to China decreased by 1.9%. This is the first annual decline since the pandemic due to weak economic growth and lower demand for fuel, Reuters reported.
China has deepened its ties with Russia since the start of the Kremlin's full-scale war against Ukraine, although Beijing has denied accusations of supporting Russia’s military efforts.
Mounting economic pressure has nevertheless forced many Chinese financial institutions to scale down their economic ties with Russia, fearing secondary sanctions.
Kateryna Hodunova
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