China urges refiners to halt new fuel exports amid Iran tension
China has instructed refiners to stop signing new contracts for fuel exports and to try to cancel shipments that have already been agreed upon, as tight oil supply linked to the crisis in Middle East is limiting refinery output.
According to Reuters, China, controls fuel exports through a quota system designed to balance domestic supply and demand. The first batch of export quotas for 2026 has remained largely unchanged from last year at about 19 million tons.
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