According to China’s General Custom Administration, Russia surpassed Saudi Arabia to become China’s top crude oil supplier in 2023, shipping a record 107 Mt of crude oil to China, equivalent to 2.14 mbl/d (+24% compared to 2022). Imports from Saudi Arabia, previously China's largest supplier, fell 1.8% to about 86 Mt, while Iraq took third place with more than 59 Mt shipped (+6.8%).
The accelerating demand from Chinese and Indian refiners for the discounted oil boosted the price of Russian crude through 2023, pushing past the G7's US$60/barrel price cap imposed in December 2022. The US, who was China’s 10th largest crude oil supplier in 2023, shipped more than 14 Mt to China, representing an impressive increase of more than 81% compared to 2022.
In addition, China’s General Custom Administration revealed that Russia exported 8 Mt of LNG to China in 2023, a 23% rise from 2022. Russia was in the top three LNG suppliers to China after Australia (24.2 Mt) and Qatar (16.7 Mt).