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Energy — Economy — China

Oil Markets Tighten As China Moves To Protect Domestic Fuel Supplies

Saudi Arabia has also resumed tanker loading from Yanbu after restarting its East-West Pipeline, easing some concerns over Gulf crude supplies.

,   and  TIPP Staff
2 min read
Photo by Danny Burke / Unsplash

Oil prices climbed Thursday, with Brent crude moving back above $100 a barrel after reports that Chinese refiners suspended some October fuel exports.

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Brent crude rose 2.2% to $100.15, while US West Texas Intermediate gained 1.5% to $91.74. Reuters reported that PetroChina canceled several planned gasoline and jet fuel shipments as Beijing seeks to protect domestic supplies. CNBC said it could not independently verify the report.

Global energy markets remain under pressure from disruptions linked to the US-Iran war and Russia’s war in Ukraine. Middle Eastern crude flows are reportedly approaching pre-war levels, but fuel supplies remain tighter, particularly gasoline, according to UOB.

Saudi Arabia has also resumed tanker loading from Yanbu after restarting its East-West Pipeline, easing some concerns over Gulf crude supplies. The pipeline provides an alternative route while Iran blocks the Strait of Hormuz.

Markets remain focused on US-Iran diplomacy. According to the report, indirect talks were held through mediators during the UN General Assembly, although prospects for a lasting settlement remain uncertain.

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