China Tightens Fuel Export Curbs as Iran War Hits Oil Supply

Chinese oil refiners have begun canceling agreed refined fuel export cargoes, including gasoline and diesel, according to people familiar with the matter, as Beijing further tightens curbs to cope with the impact of war in the Middle East.

The country’s largest processors were told last week to stop signing new export contracts and to negotiate the cancellation of cargoes that had already been agreed. The latest directive is a step up from the earlier guidance, which had been understood as non-mandatory, and as allowing some March-loading shipments to proceed.