China instructed its largest oil refiners to suspend exports of diesel and gasoline immediately, according to a Bloomberg report.
The directive was issued verbally by officials from the National Development and Reform Commission (NDRC) during a meeting with refinery executives. Sources familiar with the discussions said the order aimed to respond to growing disruptions in crude supplies from the Persian Gulf.
The report did not publicly name the refiners involved, referring only to the country’s largest companies.
Domestic oil supply takes priority
The export halt is meant to secure domestic fuel supplies as crude shipments from the Gulf face disruption following the closure of the Strait of Hormuz. China sources more than half of its oil imports from the region, and oil prices have already risen by around 15-20%.
China’s major state-owned refiners are believed to be the main targets of the directive. These include Sinopec, PetroChina and CNOOC, which together dominate roughly 80% of China’s refining capacity and Gulf crude imports. Smaller independent refiners were not affected, as authorities focused on building domestic stockpiles.
IRAN BEGINS TARGETING OIL INFRASTRUCTURE
As of today, Thursday March 5, 2026, Iran is targeting Oil infrastructure in the Middle East.
Drones attacked the Baku-Tbilisi-Ceyhan pipeline in Georgian territory. This pipeline network provides 30% of Israel’s oil sources.
As a result of Iran closing the Strait of Hormuz, and of British Insurance Companies like Lloyd's of London revoking war Insurance coverage for ships using the Strait of Hormuz, about twenty percent of daily global oil supplies have completely halted.
This is sending price shocks into the Oil Markets, which then reverberate into the Gasoline and Diesel Fuel prices at the pumps.
The price of gasoline in the United States has begun climbing. Today, it reached its highest since August of the year 2024:
If the halt of Middle East oil exports via the Strait of Hormuz continues, it is expected that oil may reach a price of $300 per barrel. That is expected to result in the price of gasoline to rise to fifteen to twenty dollars PER GALLON at gas pumps.
At those prices, the overwhelming majority of commerce will be forced to STOP. Worldwide.
As Commerce is forced to halt, because manufacturers cannot afford to pay for raw materials to be shipped into factories, or for finished products to be shipped to warehouses or stores, consumer spending will also stop.
Food distribution will also be affected. All food in Supermarkets MUST move by truck. But if the trucks have to pay twenty to thirty dollars a gallon for Diesel fuel, it will hit the food prices directly. When consumers are faced with not being able to buy food, FOOD RIOTS will likely begin.
Better stock-up on shelf-stable food supplies NOW, while food is actually still available.
A worldwide DEPRESSION is now said to be likely within 60 days of such fuel pricing.
