China intends to resume exports of petroleum products

The export ban imposed by Beijing at the start of the blockade of the Strait of Hormuz applies to petroleum products that have not cleared customs as of March 11.

Domestic inventories have risen sharply since the ban was introduced, with high prices holding back demand. Gasoline and diesel inventories at state refineries are at maximum levels, according to local energy consultant OilChem.

The Financial Times, citing an informed source, reports that Beijing intends to lift the total export ban, but leave it under strict control.

First of all, we are talking about the resumption of exports of jet fuel to Asian countries, where its reserves have dropped to critically low levels. Major state oil companies have already applied for export quotas for fuel shipments in May.