<div id="readability-page-1"><div><p>Beijing is reversing its curbs on refined fuel exports after halting shipments in the opening days of the U.S.-Iran conflict. This move suggests that Chinese domestic inventories are now at comfortable levels, allowing state refiners to reopen the export spigot, even as much of Asia remains gripped by a fuel shock caused by disrupted Gulf energy flows through the Hormuz chokepoint.</p><p>There was chatter earlier this week that China's state-owned refiners were applying for government permits to resume fuel exports in May. These include China Petrochemical (Sinopec Group) and China National Petroleum Corporation.</p><p><img width="500" height="274" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-04-30_12-18-39.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-04-30_12-18-39.png"/></p><p>By late in the week, Bloomberg reported that state-owned refiners had received government approval to export 500,000 tons of fuel next month.</p><p>People familiar with the upcoming shipments said the one-off quota would allow gasoline, diesel, and jet fuel to be sent to neighboring Asian countries, providing relief amid a worsening fuel crunch.</p><p>They said these shipments will be loaded onto tankers and are likely destined for Vietnam, Laos, and other nearby nations.</p><p>China's U-turn on export curbs comes weeks after the International Monetary Fund, World Bank, and International Energy Agency urged countries to avoid panic hoarding of energy supplies, as JPMorgan analysts warned that Asia would face the most immediate impact from the Gulf energy shock.</p></div></div>

中國石油股份

中國石油化工股份

中國石油

中國石化

博時中證油氣資源ETF

油氣資源

華夏中證石化產業ETF

國泰中證油氣產業ETF

易方達中證石化產業ETF

匯添富中證油氣資源ETF

<p>北京正在解除對成品油出口的限制，允許中石化和中國石油等國有煉油企業恢復發貨。此決定是在因美伊衝突而暫停出口一段時間後做出的，表明國內燃料庫存穩定。政府已批准下個月一次性出口配額為 50 萬噸，旨在緩解亞洲，特別是越南和老撾等國的燃料危機。此舉是在國際金融機構對該地區能源供應情況發出警告的背景下進行的</p>

China Reopens Fuel Export Spigot, Offering Relief To Asian Buyers

ZeroHedge

摩根大通

PetroCN HK SDR 1to2

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

中國重新開放燃料出口渠道，為亞洲買家提供緩解