Last year, China purchased a record amount of Russian oil, according to Reuters.

China's oil imports from Russia increased by 1% in 2024 compared to 2023, reaching a record high.

According to Reuters, this information was reported by the General Administration of Customs of China, which stated that deliveries from Russia, including pipeline and maritime supplies, amounted to 108.5 million tons, equivalent to 2.17 million barrels per day.

As reported by Reuters, maritime shipments from Russia were supported by demand from both independent refineries and major state-owned oil companies, in addition to a government directive to build reserves.

Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), supplied 78.64 million tons, or approximately 1.57 million barrels per day, which is lower than the 2023 figure of 1.72 million barrels per day.

Throughout much of 2024, China's imports of Saudi crude oil were increasingly limited by a growing share of cheaper oil from Russia and Iran due to higher prices. Saudi Arabia's market share rebounded in the fourth quarter following a sharp price drop by the OPEC leader and a reduction in supplies from Iran.

Background. Previously, Mind reported that oil prices rose on Tuesday, December 31, amid data showing an increase in manufacturing activity in China in December.