Beijing/Moscow, April 21 (Reuters) – Russia remained China’s top oil supplier in March, with imports of Russian oil near a record high, according to Reuters data from the General Administration of Customs.
China imported 10.81 million tonnes of crude oil from Russia via pipelines and seaborne shipments in March, equivalent to 2.55 million barrels per day (bpd), up 12.5% from the same month last year, the data showed.
That was close to the record of 2.56 million bpd set in June 2023.
Imports of oil from Saudi Arabia, which had previously been China’s top supplier, fell 29.3% year-on-year to 6.3 million tonnes, or 1.48 million bpd in March.
China also imported 375,296 tonnes of oil from Venezuela in March, up from 352,455 tonnes in February. That was after the United States temporarily eased sanctions on Venezuela. However, the U.S. said on Thursday it would reimpose sanctions on Venezuela’s oil sector, saying Venezuelan President Nicolas Maduro had not made good on promises and his government continued to repress opponents.
Additional notes:
- The increase in China’s imports of Russian oil is partly due to the fact that Russia has been offering discounts on its oil compared to other suppliers.
- China’s stockpiling of Russian oil has also helped to support imports.
- The United States and its allies have imposed sanctions on Russia in an effort to pressure it to end its war in Ukraine. However, China has not joined the sanctions and has continued to buy Russian oil.
- The reimposition of U.S. sanctions on Venezuela’s oil sector could make it more difficult for China to import oil from the country.
Sources: Reuters, General Administration of Customs of the People’s Republic of China
