China Still Cautious on Fuel Shipments Despite Eased Export Rules

Despite the easing of the Chinese restrictions on fuel exports, shipments so far in May have been nearly half the volumes from before the Iran war, the Financial Times reports, citing data from Kpler. Significantly lower Chinese gasoline, diesel, and jet fuel exports may not be enough to alleviate the fuel crisis in the rest of Asia, which is reeling from the worst oil supply shock in history. China issues fuel export quotas for both state and independent refiners on a regular basis. State-owned energy companies get the bulk of these quotas. Days…