Oil supplies from Russia reached 108.5 million metric tons, which is equivalent to 2.17 million barrels per day.
China’s oil imports from Russia in 2024 increased by 1% compared to 2023, reaching a record level. Reuters wrote this on Monday, January 20.
At the same time, imports from Saudi Arabia decreased by 9%. It comes as refiners look to cheaper Russian crude to offset shrinking margins.
According to the General Administration of Customs of China, shipments from Russia, including pipeline and sea shipments, reached 108.5 million metric tons, equivalent to 2.17 million barrels per day.
At the same time, seaborne supplies from Russia were supported by demand from both independent refiners and large state-owned oil companies, as well as government orders on reserve stockpiles.
Saudi Arabia, the top producer of the Organization of the Petroleum Exporting Countries (OPEC), supplied 78.64 million tonnes, or about 1.57 million bpd, down from 1.72 million bpd in 2023.
Total crude oil imports in China, the world’s largest oil buyer, fell 1.9% in 2024, the first annual decline outside of pandemic-related periods. This is due to weak economic growth and low demand for fuel.
Imports from Malaysia, one of the main transit hubs for sanctioned oil from Iran and Venezuela, rose 28% to 70.38 million tonnes, or 1.41 million barrels per day, putting Malaysia in third place behind of Saudi Arabia.
We remind you that the United States has introduced large-scale sanctions against Russian oil and Russia’s “shadow fleet”.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.