{"text":[[{"start":10.1,"text":"China is poised to resume exporting jet fuel, gasoline and diesel from May, in a move that could significantly ease the worldwide shortages caused by the Iran conflict."}],[{"start":20.65,"text":"The country’s large state oil companies have applied for export permits to ship fuel in May, according to several trading sources, signalling that a ban that was introduced at the start of the war to protect domestic supplies may be relaxed. "}],[{"start":34.8,"text":"China is the world’s biggest oil importer and a major exporter of jet fuel and diesel to Australia, Japan, Vietnam, the Philippines and Bangladesh, among other countries. "}],[{"start":45.599999999999994,"text":"Before the war began, China was exporting almost 800,000 barrels a day of refined fuels, according to data from Kpler. That total roughly halved in April. "}],[{"start":54.05,"text":"One staff member at a state oil company said the government believed that China’s own need for fuel was “stable” and it could now return to exports. "}],[{"start":63.5,"text":"One person with knowledge of China’s export intentions said Beijing wished to supply mostly jet fuel to Asian countries that are now running dangerously low, as well as some gasoline and diesel. "}],[{"start":75.15,"text":"Asia has suffered the most from the current energy crisis, since its refineries depend heavily on imports for about 80 per cent of their supply, with the Gulf accounting for around half of that. China has already agreed to sell some fuel to countries in the region on a humanitarian basis. "}],[{"start":93.2,"text":"“A resumption of oil exports could significantly ease supply shocks in south-east Asian countries. Within Asia, China is the only country with the capacity to export at scale,” said Liao Na, founder of GL Consulting, which analyses China’s energy and industrial sectors. "}],[{"start":111.75,"text":"“The previous government-to-government support schemes between China and these countries are unlikely to be sufficient to fully cover the shortfall,” she said. "}],[{"start":120.9,"text":"One person at an international trading house said a number of state-owned Chinese refineries had already been granted fresh quotas for exports."}],[{"start":129.3,"text":"Another said a resumption of exports from China “would go a long way” to solving some of the acute problems in the market. "}],[{"start":136.55,"text":"The National Development and Reform Commission (NDRC), Beijing’s top macroeconomic planning body, could not immediately be reached for comment on Tuesday evening in China. The country’s foreign ministry did not respond to an email request for comment."}],[{"start":151.95000000000002,"text":"Marco Dunand, chief executive of Swiss commodity trader Mercuria, said last week at the FT Commodities Global Summit in Lausanne that Chinese companies had been “aggressively selling crude oil” for the past two to three weeks, rerouting cargoes that they had bought to other countries. "}],[{"start":169.95000000000002,"text":"That may be a sign that Chinese refineries have access to oil from the country’s strategic reserves or from Iranian sellers, or it could signal optimism that the Strait of Hormuz is close to reopening, he suggested. "}],[{"start":182.85000000000002,"text":"In March, China added 40mn barrels of crude to its reserves as refineries slowed their output by roughly 1mn barrels a day. "}],[{"start":191.45000000000002,"text":"China has been deeply concerned over commodity supply risks despite amassing record stockpiles before the war. Last month, controls had also been tightened for some fertiliser blends."}],[{"start":202.95000000000002,"text":"Beijing has been criticised by foreign officials and analysts who argued that the export controls were poorly communicated to trading partners, and exacerbated concerns over energy supplies."}],[{"start":214.4,"text":"Analysts had previously warned that a significant change in Beijing’s position would be unlikely unless there was a substantial resumption of navigation through the Strait of Hormuz."}],[{"start":224.3,"text":"However, during April some cargoes were shipped to Vietnam, Malaysia and Singapore, according to research group Rystad, referencing data from oil tracker Vortexa. Those exceptions, the Rystad analysts said, possibly reflected both “regional supply shortages and diplomatic considerations’’. "}],[{"start":242.60000000000002,"text":"With contributions from Cheng Leng in Beijing"}],[{"start":252.8,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777422385_9270.mp3"}