Overview
- China’s crude imports rose 15.8% year on year in January–February, according to the General Administration of Customs.
- Purchases routed via Southeast Asia—key transshipment points for Iranian crude—climbed about 30%, while Russian shipments increased roughly 40%.
- Beijing instructed major refiners to halt gasoline and diesel exports to protect domestic supply, with reports also noting curbs on jet fuel shipments.
- Reuters reports the government rejected a Sinopec request to release strategic reserves; analysts estimate China holds about 1.4 billion barrels, roughly a six‑month buffer against a Middle East cutoff.
- China sought assurances from Iran for safe tanker transit through the Strait of Hormuz, and its newly adopted Five‑Year Plan locks in higher coal output and expanded renewables for longer‑term security.