Russia Continues as China’s Primary Oil Provider for the 12th Consecutive Month in April

In April, Russia maintained its position as China’s primary oil supplier for the 12th consecutive month, as per official data. Meanwhile, China’s imports from Saudi Arabia dropped significantly due to higher prices.

China’s crude oil imports from Russia, including both pipeline and maritime shipments, totaled 9.26 million metric tons last month, equivalent to 2.25 million barrels per day (bpd), according to the General Administration of Customs.

This figure marked a decrease from March’s 2.55 million bpd and the record high of 2.56 million bpd set in June 2023. Despite the slight reduction, Russia’s crude supply to China remained substantial at 9.3 million bpd in April, down by 150,000 bpd compared to March.

However, this volume still exceeded the production target agreed upon by major producers by 200,000 bpd, as reported by the IEA’s monthly oil market report.

Year-to-date imports from Russia saw a 17% increase compared to the previous year, reaching 37.79 million tons or approximately 2.28 million bpd.

This accounts for 21% of China’s total crude oil imports, reaffirming Russia’s significant role as a key supplier to the world’s largest importer of crude oil.

Saudi Arabia, once China’s leading supplier in April 2023, witnessed a decline in imports to 6.34 million tons or 1.54 million bpd, marking a 25% decrease from the previous year.

This drop followed the kingdom’s decision to increase its April selling price for oil to Asia to $1.70 per barrel above the Oman/Dubai average, compared to $1.50 previously.

Meanwhile, imports from Malaysia, a significant transshipment hub for oil from Iran and Venezuela and the fourth-largest source of imports, remained relatively stable year-on-year at approximately 980,000 bpd.

During a recent visit to Singapore and Malaysia, a U.S. official expressed concerns about transshipments, highlighting Iran’s reliance on service providers based in Malaysia to move its oil. These activities involve oil transfers near Singapore and across the region.

According to Monday’s data, imports from Venezuela reached 0.19 million tons, bringing the year-to-date volume to 0.92 million tons or 55,000 bpd, amidst a temporary easing of U.S. sanctions on Caracas. However, sanctions were re-imposed last month due to President Nicolas Maduro’s failure to fulfill election commitments.

Notably, there were no recorded imports from Iran. Below are the import details from key suppliers, measured in million metric tons.