China’s Crude Oil Imports From Russia Fall in April; Imports From Malaysia Surge

In April, China imported 8.07 million metric tons of crude oil from Russia, equivalent to 1.96 million barrels per day (bpd), according to data released by Chinese customs on Tuesday. This marked a 12.9% decrease compared to the same period last year. On a monthly basis, imports from Russia also declined, falling 5.8% from 2.08 million bpd recorded in March.

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023.

Crude oil shipments from Malaysia, which is a key trans-shipment point for Iranian-origin oil, reached 7.95 million tons in April, or 1.93 million bpd. While this figure represented a 6.3% drop compared to March, it was a significant 96.9% increase year-on-year.

Overall, China’s total crude oil imports in April amounted to 48.06 million tons, or approximately 11.69 million bpd. Although slightly lower than March levels, the figure showed a 7.5% increase from a year earlier. This rise was supported by substantial arrivals of sanctioned cargoes and stockpiling activities by state-owned refiners during scheduled maintenance periods.

Imports from Saudi Arabia, which ranked as China’s third-largest crude supplier in April, came in at 5.53 million tons, or 1.35 million bpd. This represented a year-on-year decline of 12.8%.

According to the customs data, there were no recorded crude oil imports from Iran or Venezuela in April.

The figures reflect shifts in China’s sourcing strategies, influenced by market availability, pricing factors, and operational schedules within the domestic refining sector.