Gulf’s crude oil exports to Malaysia dip on Hormuz closure
Malaysia recorded a sharp decline in crude oil imports in March as cargo arrivals from the Gulf whittled down due to the closure of the Strait of Hormuz.
Crude oil imports from the Gulf region fell 66% on the previous month, after recovering in April supported by a rise in imports from West Asia, the Red Sea and other Southeast Asian countries, according to Lloyd’s List Intelligence.
Iran’s closure of the Strait of Hormuz has cast a critical spotlight on the waterway, through which a fifth of the world’s oil transits. Nearly 15 million barrels per day (mb/d) of crude oil, equalling 34% of global crude oil trade, passed through the strait last year, according to the International Energy Agency.
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