Chinese Cargoes Hint at Fuels Relief for Neighbors Despite Curbs
(Bloomberg) -- China has exported cargoes of diesel and other fuels to energy-starved countries across Southeast Asia over the weekend, in what could be a signal of support despite export curbs imposed earlier this month.
Emerging economies in Asia have been among the most acutely impacted by a war in the Middle East that has upended the energy trade, pushing up prices and creating widespread shortages. Countries including the Philippines have indicated they would turn to others in the region for help through the supply crunch.
Tankers Ding Heng 36 and Auchentoshan delivered more than 260,000 barrels of diesel to the Philippines at the weekend, according to vessel tracking data compiled by Bloomberg. Great Ocean delivered about 100,000 barrels of distillate fuels to Vietnam over the same period, potentially alleviating shortages of oil products including diesel. It is unclear if the cargoes have been discharged.
The Philippines said on Sunday it was preparing to receive a first batch of diesel as a result of its oil diplomacy efforts, as the country grapples with a national emergency triggered by fuel shortfalls. Officials have not named specific suppliers, but China has been a top supplier of gasoil this month — accounting for more than half of Manila’s 158,000 barrels a day of imports.
“The precise mechanics of these deals tend to be opaque, given the nature of state-to-state negotiations, but the direction of flow is telling,” said Zameer Yusof, senior analyst at data intelligence firm Kpler. “Even with the clean petroleum product export curbs in place, China clearly retains leverage to direct barrels where it sees diplomatic value.”
Though the ships were loaded in the past week, it is possible that the sales themselves were cleared before authorities tightened restrictions. One of Asia’s most important fuel exporters, China banned overseas sales of oil products earlier this month to protect domestic consumers, with top refiners canceling some cargoes after being told to halt new deals and renegotiate existing ones.
On the Wire
Iran’s weekend strikes on Middle Eastern aluminum plants are threatening to send a fragile market into crisis, raising the prospect of record prices for the metal used in everything from airplanes to food packaging and solar panels.
PetroChina Co.’s earnings fell last year, as softer crude oil prices and sluggish fuel demand weighed on profits.
China is directing private grain processors to expand and upgrade whole‑grain production, part of a broader drive to strengthen food security and modernize its agricultural supply chain.
This Week’s Diary
(All times Beijing)
Monday, March 30
- CMOC earnings webcast, 15:00
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- China’s official PMIs for March, 09:30
- Energy Storage International Conference and Expo in Beijing, day 1
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Wednesday, April 1
- China reduces or removes export tax rebates for solar, battery, chemical and plastics products
- RatingDog’s China factory PMI for March, 09:45
- CCTD’s weekly online briefing on coal markets, 15:00
- Energy Storage International Conference and Expo in Beijing, day 2
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Friday, April 3
- RatingDog’s China services & composite PMIs for March, 09:45
- China’s weekly iron ore port stockpiles
- SHFE’s weekly commodities inventory, ~15:30
- Energy Storage International Conference and Expo in Beijing, day 4
- HOLIDAY: Hong Kong
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