China has tightened curbs on refined oil exports as it seeks to shield its economy from the ongoing Middle East conflict, Bloomberg News reported Thursday.
The country, the world’s second-largest economy and top crude oil importer, mainly refines oil for domestic consumption but also exported 58 million tonnes of refined products—including gasoline, diesel, and jet fuel—last year, according to official customs data.
Sources cited by Bloomberg said Chinese refiners have begun cancelling previously agreed export cargoes. The latest instructions mark a stricter approach compared with last week’s guidance, which was considered non-mandatory.
At a regular briefing, foreign ministry spokesman Guo Jiakun said he was not familiar with the report.
Global energy markets have been rattled since the US-Israel conflict with Iran began, pushing oil prices above $100 a barrel as Tehran’s attacks on Gulf states coincided with a record strategic crude release by the International Energy Agency (IEA). China, not a full IEA member, is not obligated to participate in coordinated releases.
The Strait of Hormuz, a key global oil chokepoint, is effectively closed, raising concerns over supply. More than half of China’s seaborne crude imports last year came from the Middle East. Analysts note, however, that strategic stockpiles of about 1.2 billion barrels—roughly 115 days of seaborne imports—should buffer the impact in the near term.
China previously tapped reserves in 2021 to curb surging factory gate inflation, but its National Food and Strategic Reserves Administration has yet to announce similar measures in response to the current crisis. Guo emphasized that Beijing “will do what is necessary to protect its energy security.”
