**China Imports Record Amount of Russian Crude Oil**
China imported a record amount of crude oil from Russia in 2024, according to Reuters. The country’s imports rose by 1% compared to the previous year.
China is the world’s largest buyer of crude oil. In 2024, it imported 108.5 million metric tons of oil from Russia, including through pipelines and sea deliveries. This is equivalent to nearly 2.17 million barrels per day.
Meanwhile, China reduced its imports from Saudi Arabia by 9% in 2024. Saudi Arabia shipped 78.64 million tons of oil, or about 1.57 million barrels per day. This is a decrease of 1.72 million barrels per day compared to the previous year.
**China’s Oil Imports**
China imported more oil from Russia and Iran at lower prices, while reducing its imports from Saudi Arabia due to rising crude oil prices in that country.
In the fourth quarter, Saudi Arabia’s share of China’s imports increased after Iran’s supplies declined and prices fell. However, total crude oil imports to China decreased by 1.9% in 2024, which is the first annual decline since the pandemic due to weak economic growth and lower demand for fuel.
**Russia-Ukraine Conflict**
China has deepened its ties with Russia since Moscow’s full-scale war against Ukraine began. Beijing has denied accusations of supporting Russia’s military efforts, but mounting economic pressure has forced many Chinese financial institutions to scale down their economic ties with Russia.
Russian forces launched 141 drones at Ukraine overnight from the Russian cities of Bryansk, Kursk, Orel, Millerovo, and Primosk-Akhtarsk. Ukraine’s Air Force reported that Ukrainian forces shot down 43 Russian attack drones overnight on January 19.
**Ukraine’s Military**
President Volodymyr Zelensky said that more Patriot air defenses for Ukraine mean more protection of life. Reports last week indicated that thousands of Air Force soldiers have been transferred to the Ground Forces, and a fire erupted in the city of Kazan in Russia’s Tatarstan republic overnight on January 20 amid a Ukrainian drone attack.
Russian forces suffered their heaviest losses last year since the start of the full-scale war, with total military losses reaching 434,000 soldiers. The Commander-in-Chief of Ukraine’s Armed Forces said that the artillery ammunition expenditure rates in the Russian army have practically halved.
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