Venezuelan Footprint in Chinese Oil Imported Cargoes

Analysts and traders explaining the abnormal growth in Chinese oil imports from Malaysia say the oil is either derived from ship-to-ship shipments from Venezuela or blended with Venezuelan crude.

While China’s Bureau of Statistics data show that oil imports from Malaysia are approaching their highest in history, oil tanker tracking traders and analysts say the oil surplus is either offshore or offshore. The ship comes from Venezuela or is mixed with Venezuelan crude oil.

According to data from the China Bureau of Statistics, China’s oil imports from Malaysia last month rose to 3.7 million tonnes, more than 5 times that of July last year. This figure is close to the historical record high of 2.9 million tonnes in May, which is 5 times the monthly average of Chinese oil imports from Malaysia in the first six months.

Imports in the first six months totaled 3.7 million barrels, up by 3.7 million tonnes from the same period a year earlier.

The increase in Venezuelan oil supplies came after Russian companies, such as Trafigura and Vitol, withdrew from Venezuela’s oil trade because of US second sanctions, and Russian oil became the main seller.

Venezuelan crude oil, mostly “Mary’s” heavy oil, has been mixed with other crude at shipping centers in Malaysia, Lingi and Tianjong Bravas, according to Refinitive Research. he does.