WHO IS CURRENTLY SUPPLYING OIL TO CHINA? As of December 2024, China sources its

WHO IS CURRENTLY SUPPLYING OIL TO CHINA?

As of December 2024, China sources its crude oil from a diverse range of suppliers. The approximate percentages of total imports from key countries are as follows:

50%:
Russia: Approximately 15% of China’s crude oil imports originate from Russia. In July 2024, imports from Russia were about 1.76 million barrels per day, reflecting a 7.4% decrease compared to the same period in the previous year.Reuters
Saudi Arabia: Accounting for around 13% of China’s imports, Saudi Arabia remains a significant supplier. In July 2024, imports from Saudi Arabia increased by 13% year-on-year to 1.51 million barrels per day. Reuters
Malaysia: Imports from Malaysia have surged, with some estimates suggesting it accounts for over 10% of China’s crude oil imports. Notably, the volume of imports from Malaysia exceeds its total production, indicating that some of this oil may be transshipped from other countries, such as Iran, to circumvent sanctions.U.S. Energy Information Administration
Iran: Despite sanctions, China continues to import Iranian oil, often through indirect channels. Estimates indicate that Iranian oil constitutes about 13% of China’s imports. However, these imports are subject to fluctuations due to geopolitical factors and enforcement of sanctions.Reuters

50%:
Other Suppliers: China also imports oil from countries like Brazil, the United States, and various African nations, each contributing smaller percentages to the overall import portfolio.