Total Chinese crude oil imports have been decreasing in recent months but crude oil imports from Russia have increased.

• China’s crude oil imports from Russia have increased from 8% of crude oil imports and less than 0.4mbpd in 2011 to 21% and 2mbpd in August 2022.
• The increase from Russia comes despite less refining activity due to a reduction in product demand resulting from covid restrictions this year.
• China’s crude oil imports decreased to 8.8mbpd in June and Jul, the least since Jul 2018 according to customs data. Imports were up at approximately 11.5mbpd at the start of this year and as high as 12.5mbpd in mid 2020.