Overview
- China’s state planner, in remarks Friday by vice chair Wang Changlin, said the country will expand energy reserves, diversify import sources, and push domestic output to handle potential emergencies.
- Officials said they raised the retail price caps for gasoline and diesel three times since late February, with smaller-than-usual increases on the second and third moves to blunt the hit to drivers and businesses.
- Refinery runs fell 2.2% in March to about 14.52 million barrels per day as supply tightened, and crude imports slipped to 49.98 million tons with natural gas down 11% and LNG down about 22%. First‑quarter crude imports still rose roughly 8.9% on ongoing stockpiling.
- Domestic oil production set a record monthly high in early 2026, with March output reported at about 4.44 million barrels per day as Beijing leans on local supply.
- China is shifting some buying toward Central Asia, with traders reporting more cargoes from Kazakhstan, and they say Saudi shipments in May may be roughly half of April’s 40 million barrels, a trend that reduces exposure to the Strait of Hormuz disruptions.