Malaysia’s Return to Second-Largest Supplier SINGAPORE:
Malaysia has regained its spot as China’s second-largest crude oil supplier in October, a position it briefly lost to Saudi Arabia last month. Data released on Wednesday indicates a 28% increase in exports, with independent Chinese refineries turning to cheaper sanctioned oil amidst disruptions in the Middle East.
Statistics of Malaysia’s Crude Oil Exports
Imports from Malaysia totaled 7.51 million metric tons, or 1.5 million barrels per day (bpd), according to Chinese Customs data. The Southeast Asian country has long been a key transshipment hub for oil from Venezuela and Iran, which face sanctions.
Potential Impact of Iranian Discounts
However, a potential narrowing of oil discounts from Iran could result in reduced imports in the coming months. Despite this, Russia maintained its lead as China’s largest crude supplier, with imports rising 15% to 9.83 million tons, or 2.3 million bpd.
The Decline in China’s Overall Oil Imports
Overall, China’s crude oil imports dropped 9% last month, continuing a six-month streak of year-on-year declines. Despite this, Russia’s imports have increased by 2%, while Saudi Arabia saw a 13% drop in year-to-date imports.
