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China to export 3.7M tons of fuels
China has approved the resumption of exports of 3.7 million tons of diesel, gasoline, and jet fuel during October, following a brief halt during Golden Week. This decision comes at a time when the global energy market is experiencing significant disruptions due to the Middle East conflict and the closure of the Strait of Hormuz. The move follows the loss of approximately 2.6 billion barrels of oil since the crisis began, with forecasts indicating that supplies may remain tight until 2027, and shortages could reach 1.8 million barrels per day in the third quarter. The rise in fuel prices has led to a decline in global demand, although OPEC expects a slight increase in demand by around 580,000 barrels per day in 2026.
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