Oil supplies from Russia to China reached a historic high.

China's oil imports from its main supplier, Russia, increased by 1% compared to 2023, reaching a record level in 2024.

According to Reuters, at the same Time, imports from Saudi Arabia decreased by 9%, the data released on Monday shows. This occurred as refiners searched for cheaper Russian oil to offset weakened margins, reports Ekonomichna Pravda.

Supplies from Russia, including pipeline and sea deliveries, amounted to 108.5 million metric tons, equivalent to 2.17 million barrels per day, according to China's General Administration of Customs.

Sea supplies from Russia were supported by demand from independent refiners and large state-owned oil companies, as well as a government directive to stockpile reserves, Reuters reports.

Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), supplied 78.64 million tons, or about 1.57 million b/d, which is less compared to 1.72 million b/d in 2023.

For much of 2024, imports of Saudi oil to China were limited by the growing share of cheaper oil from Russia and Iran due to higher prices. In the fourth quarter, Saudi Arabia's market share increased after a significant price drop from OPEC and a reduction in supplies from Iran.

Total crude oil imports to China decreased

Total crude oil imports to China, the world's largest oil buyer, declined by 1.9% in 2024, marking the first annual decrease outside of pandemic-related periods. This is attributed to weak economic growth and reduced fuel demand.

Imports from Malaysia, one of the key transit hubs for sanctioned oil from Iran and Venezuela, increased by 28% to 70.38 million tons, or 1.41 million b/d, placing Malaysia third after Saudi Arabia.

Almost all Iranian oil that China buys goes to independent refiners, including large integrated plants and traditional smaller enterprises known as 'teapots', as both groups face pressure from low margins and weak demand for fuel and chemicals.

In December, an atypical shipment of nearly 290,000 tons was imported from Venezuela. The total supply from this country in 2024 amounted to 1.5 million tons, or 30,000 b/d.