China Lifts Fuel Export Curbs as Refiners Plan 3 Million Tons of Overseas Shipments

China has lifted restrictions on refined fuel exports, allowing state-owned refiners and one private refiner to resume overseas shipments this month. Refiners plan to export about 3 million metric tons of gasoline, diesel, and jet fuel in July, according to unnamed sources cited by Reuters.

The government imposed the export ban days after the Middle East conflict erupted and closed the Strait of Hormuz, tightening global fuel markets. State-owned refiners had been permitted to sell some fuel abroad even under the restrictions, while the private refiner, majority-owned by Rongsheng Petrochemical, resumes exports after a four-month pause.

In June, state-owned refiners were allowed to export 800,000 tons, up from an estimated 600,000 tons the prior month. In April, China eased earlier restrictions after domestic stockpiles rose, supported by a crude oil stockpile estimated at over a billion barrels.