China's Shrinking Fuel Stocks Raise Risk of Fresh Export Curbs
China's shrinking gasoline and diesel inventories are raising concerns that Beijing may restrict fuel exports again as crude supply disruptions tighten the domestic market.
随着原油供应受扰、国内市场趋紧，中国汽油和柴油库存不断下降，市场对政府可能再次限制成品油出口的担忧升温。
Gasoline stockpiles at state-owned fuel suppliers fell 2.9% last week to their lowest since 2022, while diesel inventories dropped 2.4% to a 15-month low, according to JLC International data cited by Bloomberg.
9月16日，据彭博社援引金联创的数据，上周中国国有成品油供应商的汽油库存下降2.9%，降至2022年以来最低水平；柴油库存下降2.4%，降至15个月低点。
"With the domestic market tightening, we see an increasing risk that Beijing could restrict monthly clean product exports to around 1.2 million tons in the fourth quarter," said Jianan Sun, an analyst at Energy Aspects Ltd. in London.
能源咨询公司Energy Aspects分析师Jianan Sun表示：“随着中国国内供应趋紧，我们认为北京方面在第四季度将汽油、柴油和航空燃油的月度出口总量限制在约120万吨的可能性在上升。”
Authorities curbed fuel exports in the early weeks of the US-Iran war before easing restrictions. Shipments of those three fuels recovered to 2.55 million tonnes in July, according to customs data. Refiners were allowed to resume and increase exports on condition that they maintained elevated inventories.
中国在美伊战争爆发初期限制成品油出口，随后放宽了限制。海关数据显示，今年7月，上述三类燃料的出口总量回升至255万吨。炼油企业获准恢复并增加出口的前提，是库存维持在较高水平。
Oil flows through the Strait of Hormuz remain well below pre-war levels, while the closure of Saudi Arabia's East-West pipeline is adding to regional supply disruptions. The US blockade has also cut off Chinese independent refiners' access to Iranian crude.
目前，流经霍尔木兹海峡的石油流量仍远低于战前水平，而沙特东西向输油管道的关闭则加剧了该地区的供应中断。此外，美国封锁也切断了中国独立炼厂获取伊朗原油的渠道。
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