The ~1.4mn bpd of Malaysian crude imports into China in May – a record high – is mostly rebranded Iranian oil according to Bloomberg.

• China listed its imports from Iran at zero, instead using Malaysia to try and hide its identity.
• Exports from Malaysia are running at around triple Malaysia’s crude output.
• Crude exports out of Iran hit 1.6mn bpd in May according to Kpler figures – a five year high and double the levels of last Autumn.
• The EIA placed production levels at 2.9mn bpd, the highest since late 2018. SVB, Petro Logistics and FGE placed output higher still at 3mn bpd.
• Chinese demand is helping to serve as an outlet for growing Iranian production.