China’s fuel exports fail to rebound after Beijing signals easing of ban

{"text":[[{"start":9.8,"text":"Chinese exports of jet fuel, gasoline and diesel are languishing far below their levels before the Iran war despite Beijing signalling it would relax a ban, dashing the hopes of other Asian countries desperate for supplies to combat shortages as a result of the conflict."}],[{"start":25.85,"text":"China had signalled its intention to ease the oil products export ban it introduced at the start of the Iran war, and the government agreed in late March to sell some fuel to countries in the region on a humanitarian basis. Several large state oil companies applied for export permits to ship refined products in May."}],[{"start":46.400000000000006,"text":"But China exported just 417,000 barrels per day of refined products in the first two weeks of the month, much lower than its usual exports before the war, according to data compiled by oil research group Kpler. In January and February China exported about 750,000 barrels per day of refined fuel."}],[{"start":64.9,"text":"While China remains a large importer of crude oil, it has become a critical supplier of refined fuels to Asia and other markets in the past decade, having grown its domestic refining capacity. The fuel export ban dealt a significant blow to countries already starved of supplies from the Middle East."}],[{"start":84.25,"text":"Traders and analysts said the prolonged closure of the Strait of Hormuz, which has been almost completely shut since late February, may have led to caution in Beijing that has long been concerned about protecting domestic energy supplies."}],[{"start":98.85,"text":"“China said it was willing to offer some help to neighbouring countries, but this will be limited given China’s own circumstances,” said Janet Liao, a reader in energy diplomacy at the University of Dundee. "}],[{"start":110.44999999999999,"text":"Global shortages of refined products such as jet fuel and diesel are most acute in Asia as the region ordinarily receives vast quantities from the Middle East."}],[{"start":null,"text":"

"}],[{"start":120.6,"text":"A lack of crude feedstock from the Middle East following the outbreak of war immediately hit refining operations in Asia. Data on imports and stocks show that countries such as Malaysia, Singapore and Taiwan processed less oil in April and early May, the International Energy Agency said on Wednesday."}],[{"start":138.5,"text":"By contrast, Chinese refineries processed more crude than expected in March and several reported rapidly replenishing their stocks of refined products in April because of the export ban, the IEA said."}],[{"start":150.75,"text":"Rising inventories might spur China to facilitate exports and some at state-owned oil companies said they were already selling more to international buyers, while others said they have not yet received permits to export oil products, which are controlled by the government."}],[{"start":167.45,"text":"While the oil companies would like to sell refined products to whichever buyers could pay the most, the government was focused on preserving the country’s energy security, according to Michal Meidan, head of China energy research at the Oxford Institute for Energy Studies."}],[{"start":183,"text":"Beijing wields significant “power in being able to direct refiners to shift yields to different products and say whether oil can be exported”, she said."}],[{"start":200.79999999999998,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778751573_8825.mp3"}