Chinese Refiners Suspend Fuel Exports and PetroChina Cancels October Cargoes Amid Inventory Lows

Chinese refiners have abruptly halted refined oil product exports outside of Hong Kong and Macau until further notice from Beijing. State-owned major PetroChina canceled the majority of its planned October gasoline and jet fuel cargoes, which were committed over the prior two weeks. The move follows a drop in domestic gasoline and diesel inventories to seven-year lows, prompting authorities to safeguard domestic supply ahead of the Golden Week holiday ending October 7. The stoppage comes after August refined product exports previously jumped 12.7% year-on-year to 6.01 million metric tons following mid-July quota rollouts.