Chinese gasoline and diesel stocks have fallen to their lowest levels in 7 years, prompting Beijing to order refiners to suspend oil product exports to all regions except Hong Kong and Macau. This suspension is the second time this year the government has halted fuel outflows, following a similar order in March after trade disruptions in the Strait of Hormuz. State oil major PetroChina has already cancelled the majority of its gasoline and jet fuel shipments planned for October to rebuild domestic inventories.

The move follows a spike in shipments in August, when China exported 6.01 Mt of refined products, a 12.7% increase year over year that included record jet fuel volumes. The export ban began on the first day of the Golden Week holiday and remains in effect until October 7, though refineries will not resume exports until Beijing provides new guidance. Other global suppliers are also limiting flows, with Russia extending its diesel ban and Gulf product exports running at 58% of pre-war levels.