KUALA LUMPUR (July 25): Malaysia has been exporting substantially more crude oil to China than it produces, implying that the vast majority of the oil that China imports from Malaysia was not produced in the country.
In a report on Wednesday, energy portal Oilprice.com cited a note by Standard Chartered, which said the latest Chinese customs import data showed crude oil imports from Malaysia clocked in at 1.456 million barrels per day, a lot more than the country produces.
The portal has previously reported that Iran’s oil exports have seen a strong rebound under US President Joe Biden’s administration.
It said whether or not the US will allow Iran to continue pumping freely will depend on who sits in the Oval Office come 2025.
Under former president Donald Trump, Iranian oil production tumbled from 3.8 million barrels per day in early 2018 to less than two million barrels per day in late 2020. In contrast, production has surged under Biden to 3.2 million barrels per day.
Oilprice.com, citing multiple media sources, said the transfers involve a dark fleet consisting of a group of ageing tankers that rarely have an identifiable insurer.
It said these transfers can be hazardous, including the danger of spills and collisions, with so many low-quality tankers massed in a narrow trade route with their transponders off.
For instance, two such vessels caught fire off Singapore after a collision on July 19, said the portal.
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