Malaysia has regained its position as the second-largest crude oil supplier to China, according to data released Wednesday. Crude oil supplies from the Southeast Asian nation rose 28% year-on-year in October, as independent Chinese refiners sought cheaper, sanctioned oil amid concerns over Middle Eastern supply stability.
The country’s oil exports to China reached 7.51 million metric tons last month, equivalent to nearly 1.5 million barrels per day (bpd), according to the General Administration of Chinese Customs. This surge marks a rebound after Malaysia ceded the second-place spot to Saudi Arabia in September. Malaysia serves as a key transshipment hub for sanctioned oil, primarily from Venezuela and Iran.
However, narrowing discounts on Iranian crude could dampen Malaysia’s exports in November and December.
Meanwhile, Russia maintained its lead as China’s top crude supplier, with combined pipeline and seaborne shipments climbing 15% year-on-year to 9.83 million tons, or approximately 2.3 million bpd.
These gains by Malaysia and Russia occurred against a backdrop of shrinking overall Chinese crude imports, which fell by 9% last month. This marked the sixth consecutive month of year-on-year decline, driven by weakening domestic fuel demand and refinery shutdowns.
From January to October, Russia’s total exports to China increased by 2% to 90.43 million tons, or 2.16 million bpd, accounting for 20% of China’s overall crude imports.
In contrast, Saudi Arabia’s exports to China fell nearly 13% year-on-year in October to 5.79 million tons, or 1.36 million bpd. Despite this monthly decline, Saudi Arabia held the second-largest supplier position for the year-to-date, with exports totaling 65.31 million tons—11% lower than the same period in 2023.
Malaysia ranked as the third-largest supplier over the 10-month period, with a 23% year-on-year growth in exports. Notably, the customs data recorded no direct imports from Iran or Venezuela in October.
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