Beijing has imposed an urgent ban on diesel and gasoline exports for its largest state-owned and private oil refineries due to a massive escalation of the military conflict between the US, Israel, and Iran. This was reported by Bloomberg, writes UNN.
Details
By order of the National Development and Reform Commission (NDRC), PetroChina, Sinopec, and CNOOC must immediately cease signing new export agreements and cancel existing arrangements. The restrictions do not apply only to supplies to Hong Kong and Macau, as well as aviation fuel already in customs warehouses. Despite having strategic reserves for 4-5 months, Beijing has switched to a strict resource-saving regime, as hostilities in the Persian Gulf region have already led to a jump in Brent oil prices above $82 per barrel.
Market reaction and changes in global energy flows
Experts note that China's decision could provoke a severe shortage of petroleum products throughout the Asia-Pacific region, where many countries depended on Chinese exports. While global diesel prices are rising faster than crude oil, China is forced to seek alternative supply sources, increasingly relying on Russian energy resources. The war in the Middle East has effectively paralyzed traditional logistics routes, forcing global players to radically revise their energy strategies.
China will take necessary measures to protect its own energy security