Top 15 Crude Oil Suppliers to China

Oil tanker (courtesy of Pixabay.com)

Oil tanker (Pixabay.com)

The value of crude oil imported into China during 2016 amounted to US$116.7 billion, down by -47.2% since 2012 and down by -13.2% from 2015 to 2016.

Forty-five countries supplied crude petroleum oils to the People’s Republic in 2016. Almost half (48%) of Chinese imported crude oil originates from the Middle East ranging from $142.8 million for Yemen up to $15.6 billion for Saudi Arabia.

Top Providers of Chinese Imported Crude Oil

Below are the top 15 countries that supplied 90.8% of the crude oil imported into China for 2016 (by value):

  1. Russia: US$16.9 billion (14.5% of China’s imported crude oil)
  2. Saudi Arabia: $15.6 billion (13.3%)
  3. Angola: $13.9 billion (11.9%)
  4. Oman: $11.1 billion (9.6%)
  5. Iraq: $10.7 billion (9.1%)
  6. Iran: $9.4 billion (8%)
  7. Brazil: $6 billion (5.2%)
  8. Kuwait: $4.8 billion (4.1%)
  9. Venezuela: $4.6 billion (3.9%)
  10. United Arab Emirates: $3.9 billion (3.3%)
  11. Colombia: $2.2 billion (1.9%)
  12. Congo: $2.1 billion (1.8%)
  13. United Kingdom: $1.8 billion (1.5%)
  14. Vietnam: $1.51 billion (1.3%)
  15. South Sudan: $1.46 billion (1.3%)

Four of China’s leading crude petroleum suppliers (Russia, Saudi Arabia, Angola and Oman) represent almost one-half (49.3%) of overall Chinese crude oil imports for 2016.

China’s top 10 crude petroleum providers represent 83% of its imported crude oil.

Fastest-Growing Suppliers of China’s Rice Imports

The value of Chinese purchases of crude oil from its largest supplier Russia decreased by -17.6% over the 5-year period ending in 2016. That drop is modest compared to the overall average decline of -47.2% when all top 15 suppliers are considered.

  1. United Kingdom: Up by 756.8% since 2012
  2. South Sudan: Up by 192.3%
  3. Vietnam: Up by 130.1%
  4. Brazil: Up by 29.7%
  5. Colombia: Up by 5.1%
  6. Iraq: Down by -15.7%
  7. Russia: Down by -17.6%
  8. Oman: Down by -29.5%
  9. Kuwait: Down by -42.6%
  10. Iran: Down by -47.4%
  11. United Arab Emirates: Down by -48.4%
  12. Congo: Down by -49.7%
  13. Venezuela: Down by -56.3% since 2012
  14. Angola: Down by -58.5%
  15. Saudi Arabia: Down by -64.7%

Led by the UK’s 756.8% gain, only 5 suppliers recorded a boost in the value of their crude oil exports to China from 2012 to 2016. The remaining 10 crude petroleum suppliers experienced declines ranging from a -15.7% drop for Iraq to the drastic -64.7% shrinkage for Saudi Arabia.



 
Eight of China’s top 15 crude oil suppliers posted decreases exceeding the -17.6% decline in Chinese purchases from Russia.

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 November 10, 2017

The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on November 10, 2017

Wikipedia, List of crude oil products. Accessed on November 10, 2017