China state refiners seek to resume fuel exports as domestic stockpiles surge

Apr 28, 2026, 2:56:43 PM UTC(20 hours ago)

Impact: Medium

Affected Assets

Major Chinese oil companies including Sinopec and CNPC have applied for government permits to resume gasoline and diesel exports starting in May 2026
The move follows a strict export ban implemented on March 11 that halted all fuel cargoes not yet cleared by customs to prioritize domestic supply
Domestic fuel inventories at state-owned refineries have reached their highest levels in years due to unexpectedly weak demand and rising electric vehicle adoption
Global fuel export margins have risen significantly due to ongoing geopolitical tensions in the Middle East and supply constraints in the Strait of Hormuz
Market analysts expect the resumption of Chinese exports to provide much-needed relief to tight global diesel and jet fuel markets

CHINA POISED TO RESTART EXPORTING JET FUEL, DIESEL AND GASOLINE - FT