Imports by Malaysia, a major transshipment hub for sanctioned oil from Iran and Venezuela, amounted to 7.5 million metric tons in August, or 1.77 million barrels per day (bpd), data from China’s General Administration of Customs showed on Friday.
Compared with imports from Saudi Arabia (formerly China’s second-biggest supplier), which fell by more than a third to 5.3 million tonnes, or 1.25 million bpd, as refiners cut nominations due to higher prices versus competing supplies. Imports from Russia, the top supplier, also declined, but by a modest 11 percent last month compared with a high base a year earlier.
Russian oil arrivals, which included shipments from pipelines and ocean vessels, were 9.37 million metric tons last month, or 2.21 million barrels per day, according to the data. That’s down from 2.48 million bpd a year ago but up from 1.76 million bpd in July.
Full-year volumes from Russia rose 1.1 percent from the corresponding period in 2023, while those from Saudi Arabia fell 13.4 percent as refiners were attracted by cheaper Russian supplies to offset reduced processing profits.
So far this year, Malaysian imports totaled 43.2 million tonnes, up 22 percent year-on-year and ranking behind Saudi Arabia as the third-largest supplier. No shipments were recorded from Iran or Venezuela. China’s total crude oil imports rebounded to a yearly high last month but posted a fourth consecutive year-on-year decline due to weakening refining margins. Imports by major suppliers in volumes in millions of metric tonnes are detailed below:
| Country | Amount (millions) | % Change YTD Total | % change to date |
| Russia | 9.37 | -11.1% | 71.96 1.1% |
| Saudi Arabia | 5.30 | -33.87% | 52.09 -13.4% |
| Iraq | 6.61 | 23.1% | 42.74 6.1% |
| United Arab Emirates | 2.98 | -19.3% | 24.18 -15.8% |
| Brazil | 3.45 | 0.9% | 33.14 34.5% |
| Oman | 3.53 | 40.8% | 26.97 5.5% |
| Malaysia | 7.50 | 31.1% | 43.19 22.0% |
| Angola | 2.57 | -38.5% | 18.93 -2.5% |
| Kuwait | 1.36 | -24.7% | 10.65 -36.3% |
| US | 0.72 | 84.1% | 5.61 -43.0% |
| Iran | 0.00 | THAT | 0.00 NOW |
| Venezuela | 0.00 | THAT | 1.21 NA |
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