Russia Overtakes Saudi Arabia as China's Top Oil Supplier in 2023

Western sanctions lead to discounted Russian oil, prompting China to capitalize and increase imports despite geopolitical tensions.

Russia became China's top crude oil supplier in 2023, shipping a record 107.02 million metric tons, equivalent to 2.14 million barrels per day.
Imports from Saudi Arabia, previously China's largest supplier, fell 1.8% to 85.96 million tons.
Western-imposed sanctions led Russia to offer discounts on its crude oil, which China took advantage of.
Chinese refiners have been using intermediary traders to handle the shipping and insurance of Russian crude to avoid violating the sanctions.
Despite geopolitical tensions, shipments to China from the U.S. surged 81.1% last year as U.S. crude production increased.