In 2023, China imported 107 million tons of crude oil from Russia, equivalent to about 2.15 million barrels per day, while importing less than 86 million tons from Saudi Arabia.

Russia has surpassed Saudi Arabia to become the largest crude oil supplier to China in 2023.

According to customs data released on January 22, the world's largest oil importer bought a record 107 million tons of crude oil from Russia in 2023, nearly 25% more than the previous year and equivalent to about 2.15 million barrels per day.

This figure is higher than the less than 86 million tons from Saudi Arabia.

This is the first time Russia has become China’s largest supplier since 2018.

Chinese refineries have turned to Russian oil due to its lower price and relatively shorter shipping route.

In contrast, Saudi Arabian oil is more expensive, and recent disagreements with Iranian exporters are continuing to drive demand for Russian oil.

According to Bloomberg's calculations based on customs data, the value of China's imports of Russian oil in 2023 was $60.6 billion, with an average price of about $77 per barrel.

Data shows that Iraq and Malaysia were the third and fourth largest crude oil suppliers to China in 2023.

Russia was also the leading supplier of fuel oil to China in 2023, shipping 9.6 million tons. Malaysia was the second-largest exporter, providing 6.93 million tons.

Source: Vietstock