China Suspends October Fuel Exports Beyond Hong Kong and Macau, Tightening War-Strained Global Markets

Chinese refiners suspended most fuel exports for October 2026, with PetroChina cancelling several gasoline and jet fuel cargoes and Beijing not authorizing export permits beyond Hong Kong and Macau ahead of the Golden Week holiday starting October 1, according to Reuters, Hydrocarbon Processing, and Oilprice.com citing four unnamed sources. It remains unclear whether Beijing will authorize exports after the holiday ends October 7, with domestic fuel inventories and refining output expected to determine any resumption, the sources said. China's commercial diesel and gasoil inventories are around 20 million barrels below pre-war levels, while gasoline stocks are roughly 9 million barrels short of the threshold Beijing wants restored before allowing exports to normalize, according to Kpler estimates cited by Oilprice.com. China restricted fuel exports in March 2026 after the Iran war disrupted Middle Eastern crude supplies, relaxed those curbs in July, and has been managing diesel, gasoline and jet fuel shipments on a monthly basis since then, according to Hydrocarbon Processing.

The suspension removes diesel, gasoline and jet fuel from markets already constrained by the Iran war, Ukrainian attacks on Russian refineries, and Russia's diesel export restrictions through October, according to Hydrocarbon Processing and Reuters. Brent crude climbed above $100 per barrel on October 1, rising 2.2 percent to $100.15, while WTI rose 1.5 percent to $91.74, according to Qz. Countries dependent on Chinese fuel exports face higher costs and potential shortages, though whether Beijing resumes permits after October 7 or extends the suspension remains uncertain.

Sources

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