China suspends exports of petroleum products for October pending guidance from Beijing

Chinese refineries have suspended exports of petroleum products to destinations outside Hong Kong and Macau for October, awaiting new guidance from Beijing. The Reuters website reports this, citing four people informed on the matter.

New restrictions after easing in July

China restricted fuel exports in March after the war with Iran disrupted crude supplies from the Middle East, then eased restrictions in July and handled shipments on a monthly basis. It is unclear whether Beijing will allow exports to resume after the end of the national holiday on October 7. According to sources cited by the Reuters website, the decision could depend on the level of domestic inventories and refinery production.

In-depth analysis

Diesel, Trump wants to cut exports: Europe at risk. What happens

PetroChina

State company PetroChina canceled on Wednesday some cargoes of gasoline and jet fuel scheduled for October, while Zhejiang Petrochemical had no scheduled shipments of petroleum products during the holiday week. In September, China exported about 1.4 million tons of diesel, 500,000 tons of gasoline and at least 2 million tons of jet fuel, including shipments to Hong Kong and Macau. Major destinations include Singapore, Malaysia, Australia, Vietnam, Bangladesh and the Philippines.

In-depth analysis

Tamoil also announces measures against high fuel prices