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).
After China lifted the COVID-related restrictions in early 2023, Chinese refiners boosted imports to record-high levels last year, to support transportation fuel demand and produce feedstocks for China’s growing petrochemical industry, the EIA noted in an analysis published on Tuesday.
Russia, thanks to its cheaper crude supply, was China’s top source of crude imports last year, the data showed. Russia was also the supplier whose crude sales in China jumped the most.
In 2023, Russia, Saudi Arabia, and Iraq were China’s main sources of crude oil imports. Compared with 2022, China’s 2023 crude oil imports increased the most from Russia, Iran, Brazil, and the United States.
Between 2019 and 2021, Saudi Arabia was China’s top crude oil supplier, with Russia second with 15% of Chinese imports.
