China halts diesel, gasoline, and jet fuel exports until March, worsening shortages and raising costs for Asian nations amid the Iran war.
China has halted exports of diesel, gasoline, and jet fuel until at least the end of March. This move is expected to worsen shortages and raise costs for Asian buyers already strained by the Iran war, reports Reuters.
As the world's largest oil importer, China imposed the ban last week to safeguard its domestic supply, according to sources. The suspension curbs shipments worth US$22 billion that were recorded last year.
Countries such as Australia, Bangladesh, and the Philippines, which are heavily reliant on Chinese fuel, will need to secure alternative sources. China ranks as Asia's fourth biggest exporter of clean fuels, following South Korea, India, and Singapore.
