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Beijing urged state-owned refineries to suspend exports of gasoline and diesel in April

 Last Update: 2023-03-06
 Source: Internet
 Author: User

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The Chinese government has asked state-owned refiners to consider suspending gasoline and diesel
exports in April as supply concerns over the war in Ukraine have sparked supply concerns, three people familiar with the matter said Wednesday.

A source with knowledge of the discussion reportedly said this was to prevent shortages as independent refineries face intense pressure
to reduce production amid soaring crude oil prices.

After Western sanctions disrupted Russian crude oil and oil exports, global oil prices climbed to a 14-year high
.
On Wednesday, refining margins for several refined products in Asia hit record highs
.

In the first two months of this year, China's refined oil exports have fallen by one-third
.
Previously, the Chinese government cut its export quotas for refined products in January to stop factories from over-processing
.

It is expected that the suspension of exports during the peak repair season for refineries in Asia may lead to further strains
in fuel supply.

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