China has asked companies to suspend signing new contracts to export refined fuel, and to try and cancel shipments already committed, as a widening Middle East conflict curbed refinery output, several industry and trade sources with knowledge of the matter said on Thursday.
…As most of the March export programme has been fixed and it is hard to recall cargoes, the new government communication is expected to cut into exports from April onwards, the sources added.
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Submission Statement: Oil shocks caused by the Middle East conflict are sending prices higher for all downstream products, and this reduced availability for refined oil products will increase inflationary pressures on all major energy importers in the region.