China Halts Fuel Exports Amid Global Supply Crunch
China has suspended fuel exports for October, according to four people briefed on the matter. The move aims to bolster domestic stocks and comes as global markets struggle with disrupted Middle Eastern crude supplies due to the Iran war.
The world's top importer relaxed export curbs in July but is now managing diesel, gasoline, and jet fuel shipments on a monthly basis. However, major refiners in China's largest refining hub were not given permission to export fuel products to regions other than Hong Kong and Macau this month.
Michal Meidan, head of China energy research at the Oxford Institute for Energy Studies, said the government's focus remains domestic supply security. 'International markets are an afterthought,' she stated.
State oil major PetroChina cancelled a handful of gasoline and jet fuel shipments planned for October, while privately controlled Zhejiang Petrochemical Corp skipped scheduling any oil product shipments during the holiday week.