00:00All the pus has been drained. Since October, China has mostly stopped exporting fuel.
00:04This means that the supply of gasoline and aviation fuel that China used to send overseas
00:07has been greatly reduced. This measure is known to be an effort to rebuild China's internal fuel
00:12reserves. Especially with the international uncertainty in fuel supply growing due to
00:16the war in Iran and continued attacks on Russian refineries, China is now prioritizing increasing
00:21its domestic reserves. In fact, PetroChina, one of China's major state-owned oil companies,
00:25has cancelled some shipments of gasoline and jet fuel. It has also been reported that Zhejiang
00:29Petrochemical, one of the major refineries in China, does not plan to export fuel overseas during the
00:34National Day holiday period. What's notable is that China's fuel exports are not just decreasing for a
00:38certain period, but major companies are actually adjusting their shipping schedule. In particular,
00:42it is still unclear how long this measure will last. Based on the current schedule, it is also uncertain
00:46whether exports will resume after China's National Day holiday ends on October 7th. What we need to pay
00:51attention to here is China's internal fuel inventory situation. Currently, China's diesel inventory is
00:56estimated to be about 20 million barrels short compared to the level before the Iran war broke
01:00out. Gasoline inventory is also estimated to be about 9 million barrels less than the level before
01:04the war. From China's perspective, it has become more important to secure enough fuel to cover its
01:09domestic shortfall rather than continuing to sell fuel overseas. Especially since China has world-class
01:14refining capabilities, changes in China's export volume can also affect the international fuel market.
01:18If the supply of gasoline and jet fuel from China to other countries decreases,
01:22it could also change the amount that other countries can secure. It has not yet been confirmed whether
01:26this measure will lead to long-term export restrictions. However, it is clear that China
01:30is once again focusing on replenishing its domestic fuel stocks.
