China Suspends Fuel Exports as PetroChina Cancels October Cargoes

Chinese refiners have suspended oil-product exports beyond Hong Kong and Macau, while PetroChina canceled several October shipments, adding a potential constraint to global fuel markets facing supply losses from the Middle East and Russia.

PetroChina canceled several gasoline and jet-fuel shipments scheduled for October on Sept. 30. No cargo volume was specified. It is not established how long the export suspension will last.

China’s weeklong Golden Week holiday began Oct. 1 and runs through Oct. 7. Whether Beijing will resume issuing export permissions after the holiday remains unsettled, and no public government order confirming the suspension has been announced.

China exported 6.01 million metric tons of oil products in August, up 12.7% from a year earlier and 29.2% from July. The total included clean oil products and fuel oil.

Authorities restricted clean oil-product exports in mid-March to protect domestic supplies, then lifted those restrictions in July. The August figures followed that easing. The effect of the current pause on global supply or prices has not been quantified.