Russia’s oil imports to China decline

China’s oil imports from Russia, its biggest supplier, fell 7.4 percent in July from a year earlier. Total Russian oil imports in July were 7.46 million tonnes, or 1.76 million barrels per day, customs data showed. Reuters reported this..

In contrast, Saudi Arabia, China’s second-largest supplier, saw a significant increase in oil exports to the country. Total oil imports from Saudi Arabia reached 6.41 million tons, or 1.51 million barrels per day, representing a 13 percent year-on-year growth.

In July, China’s total crude oil imports from major suppliers fell to the lowest level since September 2022. The decline was attributed to weak processing margins and lower fuel demand, which limited operations at state-owned and independent refineries.

Performance from year to year

This year, Russia remains China’s largest supplier of crude oil. According to official data, Russia’s oil supply in the first seven months of the year reached 62.58 million tons, or 2.14 million barrels per day, up 3 percent compared with the same period last year.

Malaysia, a major shipping port for oil from sanctions-hit Iran and Venezuela, was China’s third-largest supplier in July. China’s oil imports from Malaysia rose 61 percent from a year earlier to 6.21 million tonnes, or 1.46 million barrels per day.

In July, China did not import oil from Iran or Venezuela. Meanwhile, the United States saw a significant increase in its oil exports to China, rising 53 percent year-on-year to 240,000 barrels per day in July.

Important Notes

• China’s crude oil imports from Russia fell in July.
• Saudi Arabia has seen a significant increase in its oil shipments to China.
• Malaysia has become China’s third largest supplier of crude oil.

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