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Russia Overtakes Saudi Arabia To Become Largest Supplier Of Oil To China

  • In 2023, Russia surpassed Saudi Arabia as the top crude oil supplier to China, despite Western sanctions, by shipping a record 107.02 million metric tons of crude oil.
  • Saudi Arabia's market share declined due to cheaper Russian crude, leading to a 1.8% decrease in imports to 85.96 million tons.
  • China's overall crude imports for 2023 reached a record of 563.99 million metric tons, driven by increased demand from Chinese and Indian refiners for discounted Russian oil.
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Channel News Asia broke the news in Singapore on Saturday, January 20, 2024.
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