China Approves 500K Tons May Fuel Exports, Double April But Well Below Pre-War Levels

China has approved 500,000 metric tons of refined fuel exports for May—nearly double April's estimated 320,000 tons but far below last year's 1.6 million ton average—allocated to countries like Cambodia, Laos, and Australia. This follows a March export ban after the Iran conflict, which surged domestic gasoline and diesel stockpiles to multi-year highs, prompting state refiners like Sinopec and CNPC to apply for restarts on April 28. Reports of impending jet fuel, diesel, and gasoline export resumptions built anticipation, but the modest quota offers limited relief to tight Asian diesel and jet markets strained by Middle East disruptions, likely sustaining high crack spreads and policy-driven volatility in crude benchmarks.