Surging Chinese imports of Indonesia oil point to rebranded Iranian crude, traders say
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China is importing large quantities of crude oil from Indonesia, which traders suggest is a way to disguise shipments of sanctioned Iranian oil trans-shipped in Malaysian waters. Despite China not officially importing Iranian crude since 2022, customs data shows discrepancies in oil origins, with Indonesia emerging as a new declared origin due to increased scrutiny on Malaysian-labeled oil. This shift is influenced by Malaysia's tighter enforcement on illegal ship-to-ship transfers and potential US-Indonesia energy deals.
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