China’s crude oil imports from Russia surged by 25.6% in August compared to the previous month, as Beijing capitalized on cheaper supplies. This marks the highest monthly crude arrivals so far this year.
According to data from China’s General Customs Administration, reported by Russian news agency Interfax, China imported 2.21 million barrels per day (bpd) of Russian crude oil in August. Malaysia ranked as China’s second-largest supplier that month, adding to evidence that Beijing is seeking discounted oil during a period of declining international benchmark prices. Malaysia is often used as a stopover for crude shipments from sanctioned countries like Iran and Venezuela, which China has been purchasing at reduced rates.
The data also shows that China’s crude imports from Iraq rose by 43.1% in August, compared to July, while supplies from Saudi Arabia dropped by 17.4%.
With China seeing its largest monthly volume of crude imports in a year, it appears the country is focusing on securing cheaper oil from Russia, Iran, and Venezuela, based on customs data from Russia and Malaysia.
In total, Chinese crude oil imports climbed to 11.56 million bpd in August—the highest level since August 2023—rebounding significantly from the 9.97 million bpd in July, which had been a two-year low. This data was reported by Reuters columnist Clyde Russell.
Despite the August rebound, China’s crude imports were still 7% lower compared to August 2023.
Analysts continue to debate whether China’s increased crude imports signal a rise in domestic demand or if Beijing is simply taking advantage of lower oil prices by securing contracts when rates dip. The August imports were likely contracted in May and June, when international crude prices were on the decline.
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