Jimmy Troderman of the EIA reports that China’s largest volumetric increase in crude oil imports in 2023 was from Russia. He writes:
China, the world’s largest importer of crude oil, imported 11.3 million barrels per day (b/d) of crude oil in 2023, 10% more than in 2022, according to China customs data. Refiners in China imported record volumes of crude oil in 2023 to supply the country’s increasing refining capacity in order to support the country’s transportation fuel needs and produce feedstocks for its growing petrochemical industry.
Russia, Saudi Arabia, and Iraq were China’s main sources of crude oil imports in 2023. Compared with 2022, China’s 2023 crude oil imports increased the most from Russia, Iran, Brazil, and the United States. China’s largest volumetric increase in crude oil imports in 2023 was from Russia. From 2019 to 2021, China obtained 15% of its crude oil imports from Russia, second only to Saudi Arabia. In 2023, Russia became China’s top source of crude oil imports, supplying 19% of China’s crude oil imports (2.1 million b/d). This increase was the result of discounts related to sanctions and price caps on crude oil from Russia following its full-scale invasion of Ukraine in 2022. […]
Although China’s overall crude oil imports increased, crude oil imports from a few of its largest sources decreased. Notably, after crude oil from Russia became available at a discount when sanctions were imposed, China decreased its crude oil imports from Western Europe, where crude oil prices were relatively high. China’s crude oil imports from Norway decreased 100,000 b/d from 2022 to 2023, and China continued to import much smaller volumes of crude oil from the United Kingdom than before crude oil from Russia was discounted.
Read more here.
