Gold illustration.(Chen Bozhou/Dajiyuan)
[People News] In January, the United States captured Venezuelan President Maduro, and in late February, it launched military operations against Iran in collaboration with Israel. These U.S. airstrikes on the two oil-producing nations, Iran and Venezuela, have significantly impacted China.
Japanese media suggest that this military action is linked to the national security strategy of the Trump administration, which aims to apply pressure on countries closely aligned with China to maintain the U.S.'s strategic advantage on a global scale.
As reported by Reuters on the 12th, with the escalation of conflict in the Middle East, China has ordered an immediate ban on refined oil exports for March to prevent energy supply tensions. This ban includes gasoline, diesel, and aviation fuel.
The report highlights that this is the second time in a week that the National Development and Reform Commission of the Communist Party of China has implemented restrictions on refined oil exports. Previously, on March 5, Beijing instructed refining companies to cease signing new export contracts and to negotiate with buyers to cancel existing shipping arrangements, effectively suspending refined oil export shipments. The notice issued on the 12th clearly stated: 'Export is prohibited.'
China is the world's largest oil importer and ranks as one of Asia's major fuel exporters, following South Korea and Singapore. Market estimates indicate that China's exports of gasoline, diesel, and jet fuel in March could reach between 2.2 and 2.3 million tons. However, vessel tracking data reveals that the actual export volumes are currently around 50,000 tons of gasoline, 300,000 tons of diesel, and 300,000 tons of marine aviation coal, which is significantly lower than expected.
Analysis reveals that following the military strikes by the United States and Israel against Iran on February 28, global energy transport routes, especially the 'Strait of Hormuz', experienced temporary disruptions, leading to heightened market concerns regarding energy supply.
Current data indicates that China holds around 1.2 billion barrels of strategic and commercial oil reserves, which corresponds to approximately 110 to 140 days of consumption, far exceeding the 90-day safety standard recommended by the International Energy Agency. Market analysts suggest that Beijing's recent ban could exacerbate market panic and further increase oil prices.△
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