China has limited the export of petroleum products due to domestic needs

China has limited the export of petroleum products due to the high capacity of its own oil refineries. This is how Alexander Frolov, deputy director of the International Institute of Energy Policy and Diplomacy at MGIMO, editor-in-chief of the InfoTEK portal, explained the restrictions, as quoted by Radio KP.

Earlier, Chinese oil refiners canceled part of the October export shipments of petroleum products, including gasoline and diesel fuel. According to the expert, in this way Beijing seeks to secure its own market in conditions of limited access to crude oil.

“China is the largest oil importer. Everything that I will now say about statistics primarily concerns the situation before the crisis. This will highlight why the crisis situation is especially painful for China,” Frolov said.

Previously, China consumed about 16.5-17 million barrels of oil per day, of which 11-12 were imports. However, as a result of the energy crisis caused by the conflict in the Middle East and the blockage of the Strait of Hormuz, the volume of purchases of raw materials fell to approximately 6.5 million barrels per day.

“Their refinery capacity exceeds domestic demand. If you can adequately manage your economy, then you understand how much your oil consumption will increase, and you plan to build new oil refineries for the increase in oil consumption. And if all your plans coincide, then everything is fine,” Frolov explained.