Official data from China's General Administration of Customs revealed that the country’s imports of Russian crude oil increased by 1% in 2024 compared to the previous year, reaching a record high of approximately 2.17 million barrels per day. This growth is attributed to strong demand from independent refineries, major state-owned oil companies, and the government’s directive to stockpile additional oil supplies.
However, China’s overall crude oil imports, which make it the world’s largest crude importer, saw a 1.9% decline in 2024. This marks the first annual drop in crude oil imports outside the impacts of the COVID-19 pandemic. The decline is linked to a slowdown in economic growth and a peak in domestic fuel demand, which has affected the overall volume of oil purchased by the country.
This contrast between increased Russian oil imports and the decrease in total oil imports highlights China’s strategic focus on securing energy from reliable sources, prioritizing long-term contracts and competitive pricing to bolster its energy security.
