China set new record for crude oil imports in first half of 2023

China imported record volumes of crude oil during the first half of this year due to refinery extensions and economic recovery initiatives after the government eased COVID-19 mobility restrictions, according to the US Energy Information Administration (EIA) late on Monday.

EIA data showed that the volume of imported crude oil averaged 11.4 million barrels per day (bpd), marking a 12% increase compared to last year’s annual average of 10.2 million bpd.

China sourced much of the additional crude oil from Russia, Iran, Brazil and the US.

Compared with last year’s averages, the country’s imports from Russia increased by 23%, from Saudi Arabia by 7%, and from Brazil by 49%.

China imported more crude oil from Russia in June than it had ever done in a single month before, amounting to a record-breaking 2.6 million bpd.

In addition, China’s imports from the US in the first half of this year more than doubled from last year.

The report said that industry analysts indicate that much of the oil that was shipped from Iran to China was relabeled as originating from countries such as Malaysia, the United Arab Emirates, and Oman to avoid sanctions.

• China
• Energy Information Administration (EIA)