🇨🇳 China turns off the fuel tap

Large Chinese refineries have suspended exports of oil products for October to destinations outside Hong Kong and Macau in order to secure domestic supplies. PetroChina had already canceled individual shipments of gasoline and jet fuel. ⁠The cut in Chinese exports is further exacerbating the fuel shortage in Asia.

Singapore is a particularly striking example: Shipments of Chinese gasoline there have fallen by around 62% year-on-year, and the gasoline margin in Asia has exceeded $50 per barrel relative to Brent. China’s decision comes on top of problems with supplies from the Persian Gulf and is already affecting the markets of Australia, Japan, Malaysia, and other countries in the region.


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