Malaysia overtakes Saudi Arabia as China’s second- largest crude oil supplier in August

[Beijingwalker]

Malaysia overtakes Saudi Arabia as China’s second- largest crude oil supplier in August​

BNE News Desk , September 21, 2024

Kuala Lumpur: China’s crude oil imports from Malaysia surged by 31% in August 2024, making Malaysia the second-largest supplier of crude oil to China, following Russia. Data from the General Administration of Chinese Customs revealed that Malaysian oil exports to China reached 7.5 million metric tons (1.77 million barrels per day), significantly higher than the same period last year. Malaysia's rise comes as a surprise amid China’s overall trend of slowing imports due to reduced domestic fuel demand.

The sharp increase in imports from Malaysia, a key transshipment hub for sanctioned oil from countries like Iran and Venezuela, contrasts with a decline in supplies from Saudi Arabia. Saudi oil imports, which once made it China’s second-largest supplier, plummeted by over a third to 5.3 million metric tons (1.25 million barrels per day) as Chinese refiners reduced purchases in response to higher Saudi prices compared to more affordable alternatives.

Although imports from Russia, China’s largest oil supplier, also declined by 11% compared to last August, they still reached 9.37 million metric tons (2.21 million barrels per day). Despite this drop from last year’s high base, Russian oil shipments increased significantly from July’s 1.76 million barrels per day to August’s 2.21 million barrels per day.

Year-to-date, Russian crude oil imports rose 1.1 percent compared to 2023, while Saudi volumes decreased by 13.4 percent. Chinese refiners have been favouring cheaper Russian oil in an effort to maintain profits, despite narrowing margins in oil processing.

 

[Beijingwalker]

If we can get more oil from Malaysia and Indonesia, we don't really have to travel far to the Gulf nations get it.

 

[FHN]

I didn't know Malaysia is a major crude oil exporter lol I know china import copper and iron ore from Indonesia. I don't think china is worried about Malacca strait and shit. Chinese navy is growing stronger and if china is In a hurry they would kickstart the Siberia pipeline already and china is moving to Green and renewable at a faster pace than other countries combined. China even approved 11 more nuclear power plants for 31 billion dollars. If the US were to build 11 it would cost upward to 200 billion dollars lol

 

[ety]

Wow, that's a surprise, never know Malaysia is an exporter of oil, esp that large amount.

 

[Ali_Baba]

Suprised to hear that they produce so much crude ?!?!!

 

[Indos]

If we can get more oil from Malaysia and Indonesia, we don't really have to travel far to the Gulf nations get it.

Indonesia has deficit in oil trade since early 2000 while Malaysia is still oil trade surplus nation until now.

We produce oil, but only for 70 % of our consumption. But we have surplus in gas.

 

[Eşbah]

We produce oil, but only for 70 % of our consumption.

Given the fact that Indonesian consumption is fairly high that percentage is a significant amount of oil. The Indonesians are as lucky as the Gulf states when it comes to natural resources. Most people don't know this.

 

[Indos]

Given the fact that Indonesian consumption is fairly high that percentage is a significant amount of oil. The Indonesians are as lucky as the Gulf states when it comes to natural resources. Most people don't know this.

Yup true to this. Not only that the weather is also very good in here and the land is fertile.

Oil, gas, coal, nickel, gold, tin, chopper, cobalt, even uranium is also present