As Russia takes on Saudi Arabia, Iraq remains China's third-largest oil supplier

Shafaq News/ Iraq cemented its position as China's third-largest crude oil supplier in 2023, as cheap sanctioned Russian oil became the favorite for Chinese refiners ahead of the Saudi.

Chinese customs data released this weekend showed that imports from Iraq increased 1.37% year-on-year to 59.26 million metric tons, or roughly 1.18 million barrels per day (bpd). This maintained Iraq's share of China's total crude imports at around 10.5%, despite the overall record volume China brought in last year.

Iraq's steady performance contrasts with the fluctuating fortunes of other major suppliers. Russia surged to the top spot, displacing Saudi Arabia, thanks to its discounted prices, while Saudi shipments dipped 1.8% to 85.96 million tons due to higher pricing.

Beyond the big three, shipments tagged as Malaysian increased by 53.7% to 54.79 million tons; often used as a trans-shipment point for sanctioned cargoes.

Imports from Oman, UAE, and Kuwait declined by 0.56%, 2.22%, 26.29% to 41.82, 39.15, 24.53 million tons, respectively.

Brazilian exports to China enjoyed a 51.40% jump to 37.75 million tons, while Angolan imports remained relatively flat at 30.03 million tons.

Despite geopolitical tensions, US crude exports to China skyrocketed 81.06% to 14.29 million tons.