ANNOUNCEMENT 13 May 2011In May 2011, the government of China announced an altered export prohibition.
NUMBER OF INTERVENTIONS
On May 13, 2011, the National Development and Reform Commission (NDRC) released the Notice NO.132 'FA GAI DIAN 2011', announcing to halt diesel exports to all countries except to Hong Kong and Macao.
The leading motive for implementing this measure is the fact that China is facing a rapidly expanding power shortage. Also as domestic oil supplies are running low, China may face a more serious power shortage this summer. The NDRC announced to halt diesel exports for China to be able to meet domestic demands. In accordance with this Notice, no detailed effective date or expiry date was provided. However, the biggest oil company China Petrochemical Corp. has already suspended the oil exports.