China stops oil product exports, Asia faces fuel squeeze
Business
China just stopped sending oil products abroad (except to Hong Kong and Macau), which is making fuel harder to find across Asia.
Gasoline prices jumped, with Asian refiners' margins now earning over $50 more per barrel than Brent crude, a record high on Thursday because of expectations of reduced fuel shipments.
Singapore, usually a big buyer, saw its imports from China drop 62% this year, which also hit Indonesia's supply.
Europe mulls releasing diesel reserves
Jet fuel costs are spiking too, widening the gap with diesel prices.
Australia still relies on Chinese jet fuel but says it has enough gasoline for about 42 days.
Meanwhile, Europe is thinking about releasing some of its diesel reserves to help ease the global crunch and keep things steady for everyone.