Malaysia Regains Position as China's Second-Largest Crude Oil Supplier
(Reuters) — Malaysia regained its position as the second-largest supplier of crude oil to China last month, data showed on Wednesday, with supplies rising 28% on year as independent refiners sought cheaper sanctioned oil amid Middle East supply concerns.
The Southeast Asian country lost that spot to Saudi Arabia the previous month.
Imports from Malaysia, a major transshipment hub for sanctioned oil from Venezuela and mostly Iran, reached 7.51 million metric tons last month, or nearly 1.5 million barrels per day (bbl/d), General Administration of Chinese Customs data showed.
Narrowing Iranian oil discounts, however, may lead to lower imports in November and December, Reuters reported earlier.
Russia held its position as China's top oil supplier, with volumes - including supplies via pipelines and seaborne shipments - increasing 15% to 9.83 million tons, or 2.3 million bbl/d.
Both Malaysia and Russia defied a broader trend of declining Chinese crude oil imports, which dropped by 9% last month, marking the sixth consecutive month of year-on-year decline amid waning domestic fuel demand and refinery closures.
Year-to-date, imports from Russia rose 2% to 90.43 million tons, or 2.16 million bbl/d, making up 20% of China's total imports.
In contrast, imports from Saudi Arabia fell nearly 13% on the year at 5.79 million tons, or 1.36 million bbl/d, the data showed. Despite this decline, Saudi Arabia retained the second-largest supplier spot year-to-date with 65.31 million tons, although 11% lower than the same period in 2023.
Malaysia was the third-largest supplier for the 10-month period, recording a 23% year-on-year growth.
The customs data did not record any imports from Iran or Venezuela for October.
Related News
Related News
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Michigan Court Backs Permits for Enbridge’s Line 5 Pipeline Tunnel Project
Comments