An Analysis of Global Oil Trade Flows in 2024

In 2024, China and India emerged as the primary purchasers of Russian crude oil, collectively accounting for approximately 81% of Russia’s oil exports.

Despite a significant reduction in imports due to the ongoing conflict in Ukraine, Europe remained the third-largest importer, representing 12% of Russia’s oil exports.

Concurrently, China and India continued to be among the leading importers of crude oil from the Middle East, particularly from key suppliers such as Saudi Arabia and the United Arab Emirates.

Key Insights

• In 2024, China imported approximately 11.1 million barrels of crude oil per day, with Russia serving as its largest supplier.
• During the same period, the United States imported 6.6 million barrels per day, with Canada accounting for 62% of total U.S. crude oil imports.
• Approximately 25% of Europe’s crude oil imports originated from Africa, while the United States contributed an additional 21% in 2024.

Source: VORONI – Visual Capitalist