Russia has become China’s primary crude oil supplier in 2023, surpassing Saudi Arabia. Russia exported a record 107.02 million metric tons of crude oil to China last year, or 2.14 million barrels per day, surpassing other major oil exporters like Saudi Arabia and Iraq.

Saudi Arabia saw a 1.8% decline in imports to 85.96 million tons due to less expensive Russian crude.

Russian crude oil traded at significant discounts to international benchmarks due to Western sanctions over the Kremlin’s 2022 invasion of Ukraine.

The price of Russian ESPO crude continued to rise through 2023, surpassing the $60 per barrel price cap set by the Group of Seven in December 2022.

Chinese refiners arrange Russian petroleum shipment and insurance through middlemen traders to avoid breaking Western sanctions.

In 2023, China’s total crude oil imports reached a record 563.99 million metric tons.