China has imposed stricter restrictions on exports of refined oil products as it seeks to shield its economy from the impact of the ongoing US-Israel war on Iran, Bloomberg News reported Thursday.
China, the world’s second-largest economy and a top crude oil importer, exported 58 million tonnes of refined fuels last year, including gasoline, diesel, and jet fuel. Sources cited by Bloomberg said some Chinese refiners have begun cancelling previously agreed export cargoes, marking an escalation from last week’s guidance to suspend shipments, which had been considered non-mandatory.
At a regular press briefing, Foreign Ministry spokesman Guo Jiakun said he was not familiar with the reported export curbs.
The global energy market has been unsettled since the conflict began, with oil prices topping $100 a barrel Thursday amid attacks by Tehran on Gulf states, even as the International Energy Agency released strategic reserves to stabilize supplies. China, not a full IEA member, is not required to participate in coordinated releases.
The war has effectively disrupted the Strait of Hormuz, through which about 20 percent of global crude passes. More than half of China’s seaborne crude imports last year originated from the Middle East, according to analytics firm Kpler. Analysts say China’s 1.2 billion barrels of onshore crude reserves—enough for roughly 115 days of imports—provide a buffer against immediate supply disruptions.
Beijing previously released oil from strategic reserves in 2021 to curb factory-gate inflation, but the National Food and Strategic Reserves Administration has not announced similar action amid the current crisis. Guo reiterated that China would act to protect its energy security if necessary.
