As Iran war drags on, China keeps tight grip on fuel exports despite eased curbs

While Beijing has lifted refined fuel export restrictions this month amid elevated global oil prices and ample national reserves, it has also introduced compliance requirements for refiners – a cautious pivot aimed at safeguarding domestic stockpiles, according to three sources with knowledge of the matter.

“With the interim truce between Washington and Tehran having collapsed, Beijing has adopted a more cautious stance on easing curbs for fuel exports,” a person familiar with the matter said in an interview, speaking on the condition of anonymity.

“Refiners now face dual requirements: they can only ship fuels under allocated quotas, while keeping their inventory levels above the end-February mark.

The latest export quotas – covering refined products including petrol, diesel and jet fuel – were allocated mostly to state-owned domestic refiners, the sources said.

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