Beijing has prohibited refiners from shipping oil products to all international destinations except Hong Kong and Macau until further notice to protect its own energy supplies. This supply withdrawal drove Brent crude oil prices up 5% to $103 per barrel on Thursday, while state oil major PetroChina cancelled most of its planned October shipments of jet fuel and gasoline. The restricted flows are putting additional pressure on a global market already strained by disruptions in the Middle East and attacks on Russian refining assets.

The suspension began on the first day of China's Golden Week holiday, which runs through October 7, and whether exports restart depends on refinery output and domestic stock levels. Gasoline and diesel inventories are at 7 year lows following a spike in refined product exports in August, which reached 6.01 Mt, up 12.7% year over year. Other major suppliers are similarly limiting outflows, as Russia extended its diesel export ban and Gulf product exports remain at 58% of pre-war levels.