China Flips the Switch on Fuel Exports as Asia Runs Short

Beijing is reversing its curbs on refined fuel exports after halting shipments in the opening days of the U.S.-Iran conflict. This move suggests that Chinese domestic inventories are now at comfortable levels, allowing state refiners to reopen the export spigot, even as much of Asia remains gripped by a fuel shock caused by disrupted Gulf energy flows through the Hormuz chokepoint. There was chatter earlier this week that China's state-owned refiners were applying for government permits to resume fuel exports in May. These include…