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Saudi Remains Largest Crude Supplier to China 2022 Despite Russian Surge

OIL

China's crude oil imports from Russia rose 8% in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 million bpd according to General Administration of Customs data.

  • In December, China brought in 6.47 million tonnes of crude oil from Russia, or 1.52 million bpd, compared to 1.7 million bpd in the same period in 2021.
  • State refiners have reduced Russian crude purchases since November, but independent refiners have continued buying.
  • Saudi Arabia shipped a total of 87.49 million tonnes of crude to China in 2022, equivalent to 1.75 million bpd, the same level as in 2021.
  • China is working to buy Saudi crude in yuan rather than US dollars.
  • Crude imports from Malaysia almost doubled in 2022 to 35.68 million tonnes. It acts as a transfer point for sanctioned barrels such as those from Venezuela.
  • A total of 780,392 tonnes of crude oil arrived from Iran in official figures, while no barrels were recorded from Venezuela.
Energy BulletsCommodities
Energy BulletsCommodities

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