Top 15 Crude Oil Suppliers to China

Oil tanker (courtesy of Pixabay.com)

Oil tanker (Pixabay.com)

The value of crude oil imported into the People’s Republic of China during 2018 totaled US$239.2 billion in 2018, up by 4.8% since 2014 and up by 46% from 2017 to 2018.

Forty-five countries supplied crude petroleum oil to China in 2018. Roughly half (44.1%) of Chinese imported crude oil originates from nine Middle Eastern nations ranging from $748.8 million from Qatar up to $29.7 billion for Saudi Arabia.

China’s Top Providers of Imported Crude Oil

Below are the top 15 countries that supplied 90.6% of the crude oil imported into China during 2018.

  1. Russia: US$37.9 billion (15.8% of China’s total imported crude)
  2. Saudi Arabia: $29.7 billion (12.4%)
  3. Angola: $24.9 billion (10.4%)
  4. Iraq: $22.4 billion (9.4%)
  5. Oman: $17.3 billion (7.2%)
  6. Brazil: $16.2 billion (6.8%)
  7. Iran: $15 billion (6.3%)
  8. Kuwait: $11.9 billion (5%)
  9. Venezuela: $7 billion (2.9%)
  10. United States: $6.8 billion (2.8%)
  11. United Arab Emirates: $6.7 billion (2.8%)
  12. Congo: $6.4 billion (2.7%)
  13. Colombia: $5 billion (2.1%)
  14. Malaysia: $4.8 billion (2%)
  15. Libya: $4.7 billion (2%)

Together, five of China’s leading crude petroleum suppliers (Russia, Saudi Arabia, Angola, Iraq plus Oman) represent over half (55.2%) of overall Chinese crude oil imports for 2018.

China’s top 10 crude petroleum providers supply almost four-fifths (79%) of its imported crude oil.

Fastest-Growing Suppliers of China’s Imported Crude Oil

The value of Chinese purchases of crude oil from its 15 top suppliers amounted to a subtotal $216.7 billion in 2018, up by an average 50.7% from the $143.8 billion worth of imported crude from those same 15 providers during 2017.

  1. Libya: Up 248.1% since 2017
  2. United States: Up 112.8%
  3. Malaysia: Up 79.9%
  4. Congo: Up 76.7%
  5. Brazil: Up 76.6%
  6. Kuwait: Up 67.8%
  7. Iraq: Up 62.3%
  8. United Arab Emirates: Up 60.8%
  9. Russia: Up 58.6%
  10. Colombia: Up 50.6%
  11. Saudi Arabia: Up 44.6%
  12. Oman: Up 40%
  13. Iran: Up 25.8%
  14. Angola: Up 23.6%
  15. Venezuela: Up 6.2%

After overtaking the United States one year earlier, the fastest gain among the top 15 suppliers of crude oil to China from 2017 to 2018 belongs to Libya via its 248.1% year-over-year increase.

The only other supplier to increase its crude oil sales to China since 2017 was the aforementioned America.



 

Ten of these top 15 crude oil suppliers garnered increased sales exceeding the overall average 46% uptick from 2017 to 2018 for all 45 of China’s crude oil sources.

See also Crude Oil Exports by Country, Crude Oil Imports by Country and China’s Top 10 Exports

Research Sources
International Trade Centre, Trade Map. Accessed on March 4, 2019

The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on March 4, 2019

Wikipedia, List of crude oil products. Accessed on March 4, 2019