Bloomberg reports, citing the Kpler data, that US crude exports to China declined by 46% in 2024 to 81.9 million barrels, compared to 150.6 million barrels last year. This drop pushed China from the second-largest buyer of US oil to sixth.
The dip reflects China’s slowing economy, growing adoption of electric vehicles, and increased reliance on liquefied natural gas. The country was also sourcing more oil from Russia, Iran, and Venezuela, accounting for 26% of seaborne imports, up from 24% in 2023. The Middle East remains its primary supplier, providing 60% of imports.
Overall, China’s crude imports from all sources fell by 7.2% y/y, affecting global oil prices.
Europe has emerged as the top buyer of US crude for three consecutive years, driven by geopolitical shifts and the inclusion of West Texas Intermediate (WTI) into Brent benchmarks. The Netherlands leads European imports with 194 million barrels in 2024, a 12% y/y advance. South Korea follows, importing 166 million barrels, partially compensating for reduced shipments from Kazakhstan.