China’s crude oil imports from top supplier Russia were up 1% in 2024 to a record high versus 2023, while purchases from Saudi Arabia dropped 9%, data showed on Monday, as refiners chased discounted Russian supplies to cope with weakened margins.

Volumes from Russia - including pipeline and seaborne supplies - amounted to 108.5 million metric tons, according to China’s General Administration of Customs, equivalent to 2.17 million barrels per day (bpd).

Seaborne supplies from Russia were supported by demand from both independent refiners and state oil majors, as well as a government mandate to stockpile.

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Saudi Arabia, the largest producer of the Organization of Petroleum Export Countries (OPEC), shipped in 78.64 million tons, or about 1.57 million bpd, down versus 1.72 million bpd in 2023.

For most of 2024, China’s Saudi crude imports were capped by rising share of cheaper oil from Russia and Iran due to higher prices. Saudi’s market share rebounded in the fourth quarter following steep price cuts by the OPEC kingpin and lower Iranian supply.

Total crude oil imports into China, the world’s top crude oil buyer, declined 1.9% last year in its first annual fall outside of pandemic-induced falls, as tepid economic growth and peaking fuel demand dampened purchases.

Imports from Malaysia, a top trans-shipment hub for sanctioned oil from Iran and Venezuela, jumped 28% last year at 70.38 million tons, or 1.41 million bpd, ranking it third after Saudi Arabia.

Nearly all of China’s purchases of Iranian oil end up in the country’s independent refiners that include large integrated plants and the more traditional smaller ones known as teapots, as both groups are under pressure from thinning margins and poor fuel and chemicals demand.

No oil imports from Iran were recorded for the whole of 2024.

An odd cargo of nearly 290,000 tons was imported from Venezuela in December, the data showed, taking the total from the South American exporter to 1.5 million tons, or 30,000 bpd.

Shipments last year from Brazil rose the second fastest after Malaysia, with volumes up 17% while imports from the US plunged 36% over 2023.

（Picture: Veer）