The analysts pointed to the increase in Iran's oil exports and have claimed that Malaysian waters have become a route for the transfer of Iranian oil from ship to ship.
China's imports of Iranian crude oil through Malaysia hit 1.456 million barrels per day (bpd) in June 2024. The commodity experts believe that Malaysia's crude oil production is estimated at about 0.35 million barrels per day, while the Asian country's export reaches 0.2 million barrels per day on average.
According to the Standard Chartered, the latest China customs import data showed crude oil imports from Malaysia clocked in at 1.456 million barrels per day (bpd), a lot more than the country produces.
Previously, it has been reported that Iran's oil exports have increased dramatically during Biden's presidency.
The US and its allies hope to sign a new nuclear agreement with Tehran. The former US President Donald Trump withdrew from the JCPOA agreement in May 2018 unilaterally. Iran's oil production during Trump's presidency had dropped from 3.8 million barrels per day in early 2018 to less than 2 million barrels per day in late 2020 but Iran’s crude oil production volume has increased to 3.2 million barrels per day (bpd) during the presidency of Biden.
MA/TSN