China is set to resume exports of petroleum products

China is set to resume exports of kerosene, diesel and petrol. The Chinese government had banned all exports of petroleum products at the start of the war in Iran. China is the world’s largest importer of crude oil but exports refined products to Australia and other Asian countries (Japan, Vietnam, the Philippines and Bangladesh). It is estimated that China was exporting the equivalent of 800,000 barrels per day before the war. Australia and some Asian countries are virtually out of kerosene. On average, Asia relies on the Persian Gulf for 40% of its petroleum product requirements.