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Malaysia's May crude oil exports fall 33% on year to 1.13 mil mt

https://www.chemnet.com   Jul 12,2011 Platts
Malaysian exports of crude oil fell 33% year on year in May to 1.13 million mt (266,000 b/d), but imports dropped further and the country remained a net exporter for the second month in a row, data on the Department of Statistics' website showed Monday.

Crude oil imports dropped 61% from the same month a year ago to 346,000 mt, the data showed.

Oil product exports, meanwhile, also fell about a third compared with a year ago to 613,000 mt; oil product imports rose 30% from a year ago to 1.24 million mt.

That left Malaysia an overall net oil exporter for May, shipping out an aggregate 161,000 mt of both crude oil and oil products. In April, Malaysia was a net oil exporter of 130,000 mt of crude oil and oil products.

Malaysia is a traditional net oil exporter, but this status is being challenged more often as rising demand and falling oil production from maturing fields makes it more difficult for the country to meets its domestic oil requirements.

Malaysia has been a net oil importer three times out of the last 11 months. Prior to July 2010, Malaysia had not been a net oil importer since August 2008. MALAYSIA'S OIL IMPORTS, EXPORTS May 2011 April 2011 May 2010 Crude imports 346 781 885 Crude exports 1,131 981 1,684 Crude balance (785) (200) (799) Oil product imports 1,237 1,035 950 Oil product exports 613 965 921 Oil product balance 624 70 29 Overall oil balance (161) (130) (770)

Unit: '000 mt Source: Department of Statistics Malaysia
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