China yet to restrict refined oil product export despite tight domestic supply
The Chinese government has not yet restricted clean oil products — gasoline, gasoil, and jet fuel — exports, despite domestic supplies becoming tighter, two senior officials at the country’s top refiners told Platts, part of S&P Global Energy, on the sidelines of APPEC Sept. 8. China’s oil product exports, including clean oil products and fuel ...
China has not yet imposed restrictions on exports of refined oil products such as gasoline, gasoil, and jet fuel, despite tightened domestic supplies, according to senior officials from the country's leading refiners. The Chinese oil product exports, including clean oil products and fuel oil, increased by 12.7% year over year to 6.01 million metric tons in August, reaching the highest level since March 2024.
Market estimates suggest that clean oil product exports could surpass 4 million metric tons in September, even as gasoline and gasoil stocks declined to an all-time low as of September 4. Tight feedstock supplies are expected due to Iran's declining crude supplies, which could limit oil product output in the coming months. China's crude imports had reached a four-month peak of 8.97 million barrels per day in August.
The Chinese government has directed refiners to prioritize meeting domestic demand over economic considerations and temporarily halted clean oil product exports in March 2020 amid the Middle East war, before fully lifting the restrictions in July. While Chinese refiners are eager to capitalize on high export margins, the government could potentially alter its stance at any moment due to the limited availability of crude.
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