While MITI claims that the provisional duties aim to prevent further injury to Malaysia’s PET resin industry, the sweeping measures—especially the 37.44% blanket duty on Indonesian imports—raise concerns about their broader implications.
Supply pressures intensified following reports from Russia indicating that its oil production in December fell below its OPEC+ output target. The decline was attributed to a sharp reduction in seaborne exports, which reached their lowest levels since August 2023.