China Imported Record Volumes of Crude Oil in 2023

SEATTLE (Oil Monster): According to latest statistics published by the China Customs, the country imported 11.3 million barrels per day (b/d) of crude oil in 2023. This is significantly higher by 10% from the 2022 imports. The record imports were mainly driven by escalated demand from the transportation sector and booming petrochemicals industry.

The primary sources of Chinese crude oil imports during the previous year were Russia, Saudi Arabia, and Iraq. In terms of volume, the imports from Russia recorded the biggest increase, followed by Iran, Brazil and the U.S. The top source of crude oil imports was Russia, which accounted for 19% of China’s crude oil imports during the year. From 2019 to 2021, China has obtained 15% of its crude oil imports from Russia.

According to Customs data, China’s crude oil imports from Malaysia recorded significant surge by 54% in 2023 year-over-year. However, the crude oil imports from that country exceeded its total crude oil production. This suggests that oil shipped from other countries, including Iran, are being relabelled as originating from Malaysia, so as to avoid U.S. sanctions.

The Chinese crude oil imports from Western European region recorded decline. For instance, the imports from Norway and the UK witnessed notable decline.