Saudi Arabia maintained its position as the top supplier of Chinese refiners in 2022. Russia came in the second place, as Chinese refiners snapped up low-cost Russian barrels.
Saudi Arabia shipped 87.49 million tons of crude, or 1.75 million barrels per day (bpd), to China last year, equivalent to the 2021 level, according to customs data.
China’s crude oil imports from Russia rose 8% in 2022 from a year earlier to 86.25 million tons, equivalent to 1.72 million barrels bpd.
While independent refineries have continued buying from intermediary traders who arrange shipping and insurance, China’s state-backed refiners have reduced the purchase of Russian oil since November.
Crude shipments from the US reached 7.89 million tons in 2022, down 31% year-on-year.