Where Data Tells the Story
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China's crude oil imports have grown at a compound annual growth rate (CAGR) of 9.0%, surging from 1.4 million barrels per day (bpd) in 2000 to a record-breaking 11.1 million bpd in 2024. By 2024 GCC countries, Iraq, and Iran collectively supplied over half of China's imports, while Russia accounted for 20%, solidifying its position as a key supplier.
Between 2010 and 2024, China's total crude oil imports grew at an annual rate of 6.2% (CAGR). However, imports from Russia expanded at a much faster pace, growing 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 more modest growth at 4.0%, while imports from Angola declined by 2.4% annually.
Since 2020, Iran's direct crude oil exports to China have ceased, and Malaysia has emerged as the third-largest supplier. Given Malaysia's relatively small role as an oil producer, it is likely that a portion of these exports includes Iranian oil being rebranded as Malaysian to bypass sanctions.