As Iran war drags on, China keeps tight grip on fuel exports despite eased curbs

China has eased refined fuel export restrictions this month, despite an ongoing conflict involving Iran. However, Beijing has simultaneously implemented new compliance requirements for refiners. These requirements mandate that refiners operate under allocated export quotas and maintain domestic inventory levels above those recorded at the end of February. This cautious approach aims to safeguard China's domestic fuel stockpiles. Sources indicate this pivot is partly due to the collapse of an interim truce between Washington and Tehran, leading Beijing to adopt a more guarded stance on fuel exports. Domestic consumption security is identified as the top priority.