According to sources cited by the news agency Bloomberg, officials from National Development and Reform Commission (CNDR) met with sector executives and requested the immediate suspension of external sales of refined products.
The refineries were also instructed to stop signing new export contracts and to try to cancel already agreed shipments, according to the same sources. The measure includes some exceptions, such as aviation fuel and marine fuel stored in customs warehouses, as well as supplies destined for Hong Kong and Macau.
The decision comes in a context of strong uncertainty in the energy market following attacks by the United States and Israel against Iran and the subsequent retaliations by Tehran, which warned that navigation through the Strait of Hormuz is no longer safe.
The strait is one of the main strategic points of global energy transportation, through which approximately one-fifth of the petroleum and liquefied natural gas consumed worldwide passes.
Although most of China’s refined production is aimed at the domestic market – since the country is the world’s largest importer of oil – the decision reflects the strategy adopted by several energy-import-dependent Asian economies to prioritize domestic supply during the crisis.
Read more: China strengthens support for Iran and calls for an end to the conflict
In recent days, other countries in the region, such as Japan, Indonesia, and India, have also adopted measures to strengthen energy security.
An escalation in the Middle East has already led some major international shipping companies to suspend or divert routes in the region, increasing concerns about the stability of global energy supply.
