China's crude oil imports from Malaysia stood near record levels in July, c...
SINGAPORE/BEIJING - China’s crude oil imports from Malaysia stood near record levels in July, customs data showed, with traders and a tanker-tracking analyst citing oil either transshipped from Venezuela or blended with Venezuelan crude for the unusual growth.
That was just below the previous record set in May of 1.38 million tonnes, triple the average monthly volume in the first four months of 2019. The growing supplies of Venezuela-originated oil come after the Russian firm stepped in as the top trader of Venezuelan crude as traditional dealers like Vitol and Trafigura avoided dealing directly with Venezuelan state firm PDVSA for fear of breaching secondary U.S. sanctions.
Prior to May, China’s imports of Malaysian crude were mostly of one grade, Nemina, blended from West African crudes, and went to primarily one buyer, state trader ChemChina, according to Refinitiv’s Li.
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