Thank you to the reader who alerted me to this. I hope our local media picks this up.
The full story at Reuters is here .
The full story at Reuters is here .
China’s crude oil imports from M'sia record levels in July, customs data showed
traders and tanker-tracking analyst citing oil transshipped from Venezuela
or blended with Venezuelan crude for unusual growth (in imports)
Crude imports from M'sia rose to 1.35m tonnes last month
more than double from year earlier data from China Customs showed
previous record set in May of 1.38 million tonnes
triple average monthly volume in 1st four months of 2019
Imports 1st seven months 2019 totaled 5.64m tonnes, 5.17m tonnes year earlier
500,000 tonnes of Msian supplies in July transshipped from Venezuelasupplied by Russian state oil firm Rosneft
- growing Venezuela oil after Russia stepped in as top trader of Venezuelan crude
- traditional dealers Vitol, Trafigura avoided dealing directly with Venezuela
- for fear of breaching secondary U.S. sanctions.
Venezuelan heavy grade Merey, blended or moved into other vessels
at Msia’s transshipment hub of Linggi and Tanjung Bruas
renamed Singma and Mal Blend, according to Refinitiv Oil Research
Rosneft did not respond to a Reuters’ request for comment.
cargoes to east China’s Shandong province
China’s independent refineries, port of Tianijn in north China
4 to 5 refineries in Shandong taking Msian blends (Venezuelan oil)
said an executive with one Shandong refiner
Prior to May China’s imports of Msian crude mostly Nemina
blended from West African crudes
to primarily one buyer, state trader ChemChina
Only a fraction of Msia’s locally produced crude ..moves to China
surge in M'sian exports contrast with fall in total crude oil production by Petronas
which recorded 1.3% drop year-on-year to 2.4 million barrels of oil in 1st quarter
Petronas did not give its output in Malaysia
My comments :
Here is the real shocker : Petronas recorded 1.3% drop year-on-year to 2.4 million barrels of oil in 1st quarter. Our harta minyak is decreasing.
Its like this ok:
1. The Indians are boycotting our palm oil
2. Maszlee says 60% of university graduates remain unemployed
3. Guan Eng says there are 500,000 unemployed, of which 160,000 are graduates
4. Petronas oil production is dropping - 1.3% drop in 1st quarter 2019
So imagine now, suddenly we get hit by US sanctions for re-exporting Venezuelan oil? What will happen to our economy?
What will the government do then?
Melancap at another "maruah" congress?
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