Reuters and other foreign media reported that major Chinese refiners, including PetroChina and Zhejiang Petroleum & Chemical, suspended exports of gasoline and diesel starting yesterday (October 1).
In particular, PetroChina has reportedly canceled its scheduled gasoline and jet fuel shipments for October, including volumes contracted two weeks ago.
Sources stated that Chinese refiners have halted exports of petroleum products to regions outside of Hong Kong and Macau until receiving approval from Chinese authorities, while the week-long National Day holiday began yesterday. It remains unconfirmed whether exports will resume after the holiday ends.
China's suspension of petroleum product exports has reignited concerns over supply instability in the global oil market.
International oil prices, which had been on a downward trend amid news of increased oil shipments through the Strait of Hormuz, turned upward. On October 1 local time, Brent crude futures for December delivery surged 4.37% to surpass $102.
With domestic diesel prices in the U.S. soaring 70% compared to the same period last year, President Trump—facing political red lights ahead of the midterm elections at the end of this month—pressured Europe to release its strategic diesel reserves.
Asked on October 1 local time whether he would ask Europe to release its diesel stockpiles, Trump said, "We could do that. Europe has quite a bit of diesel."
Treasury Secretary Bessent and Energy Secretary Wright also mentioned Europe's stockpiles and emphasized the need for a release.
Although President Trump and President Xi Jinping discussed the issue of stabilizing global fuel supplies during the U.S.-China summit in Washington last month, even China has now resorted to export restrictions due to inventory shortages.
As the autumn and winter seasons approach—bringing increased demand for agricultural and heating purposes—the high-flying trend of international oil prices, including diesel, is expected to continue for the time being.
(Reported by Han Sang-woo | Video by Lee Seung-yeol | Produced by SBS Digital News)
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