📈 China's Crude Oil Imports (2000–2024)

China’s crude oil imports have soared from 1.4 million barrels per day (bpd) in 2000 to a record 11.1 million bpd in 2024, reinforcing its status as the world’s largest importer with a 23% share of global imports in 2023. By 2024, over half of China's imports came from GCC countries, Iraq, and Iran, while Russia solidified its role as a key supplier, accounting for 20% of total imports.

Between 2010 and 2024, China’s crude oil imports grew at a compound annual rate (CAGR) of 6.2%. However, imports from Russia expanded at a significantly faster pace, rising by 15.1% annually, followed by the UAE (14.7%), Iraq (12.9%), Brazil (11.2%), and Oman (7.0%). In contrast, imports from Saudi Arabia saw slower growth at 4.0%, while Angola’s exports to China declined by 2.4% annually.