(March 5): China’s government has told the country’s largest oil refiners to suspend exports of diesel and gasoline as an escalating conflict in the Persian Gulf disrupts the arrival of crude from one of the world’s largest producing regions. The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments, the people said. An exception was made for jet and bunker fuel held in bonded storage and supplies to Hong Kong and Macau, they added. PetroChina Co, Sinopec, CNOOC Ltd, Sinochem Group and private refiner Zhejiang Petrochemical Co regularly obtain fuel export quotas from the government. China has a vast refining sector, but much of its production is funnelled to serve domestic demand, meaning it is not a critical supplier.

Source: The Edge Markets March 05, 2026 05:37 UTC