Russian liquefied natural gas (LNG) exports to China saw significant growth in 2024, with total volumes reaching 8.3 million tons, according to data released by China’s Customs. This marks a 3.3% increase compared to 2023, demonstrating the strengthening energy ties between the two nations.
Despite the growth in volume, the value of these imports dropped by 3.5%, amounting to $4.99 billion. Russia now ranks as the third-largest LNG supplier to China, following Australia and Qatar.
Russia also emerged as China’s top crude oil supplier in 2024. Over the first 10 months of the year, China imported an average of 2.17 million barrels per day (b/d) of Russian crude, a 2.2% year-on-year increase.
Russian gas exports to China are poised for further expansion. By 2030, total gas supplies from Russia to China — including both pipeline and LNG shipments — are expected to reach 85 billion cubic meters annually. A substantial portion of this comes via the “Power of Siberia” pipeline, which is projected to hit its designed capacity of 38 billion cubic meters per year by 2025.
