China's crude oil imports hit a record high in 2023, rising by 10% year-over-year and breaking the previous record from 2020 when the world's top crude oil importer took advantage of the price crash to gorge on cheap crude
China ’s crude oil imports hit a record high in 2023, rising by 10% year-over-year and breaking the previous record from 2020 when the world’s top crude oil importer took advantage of the price crash to gorge on cheap crude. Last year, China ’s crude oil imports averaged 11.3 million barrels per day bpd, up by 10% compared to 2022, according to Chinese customs data compiled by Bloomberg and the U.S. Energy Information Administration EIA.
Between 2019 and 2021, Saudi Arabia was China’s top crude oil supplier, with Russia second with 15% of Chinese imports. In 2023, Russia was China’s top source of crude oil imports, supplying 19% of China’s crude oil imports, which averaged 2.1 million bpd, the EIA said. The surge in Chinese crude oil imports from Russia was the result of discounted Russian prices due to the Western sanctions and price caps on Russia’s crude.
Crude Oil Oil Imports Asia Refining Oil Prices COVID-19
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