Economic highlights for this week
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3. NDRC calls for domestic oil supply guarantee, oil giants halt diesel exports
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The National Development and Reform Commission, China's top economic policymaking body, has called on Chinese companies to guarantee domestic supply of refined oil. |
The National Development and Reform Commission, China's top economic policymaking body, has called on Chinese companies to guarantee domestic supply of refined oil ahead of an impending summer power crunch. Domestic oil giants PetroChina and Sinopec said the NDRC is strictly regulating refined oil exports, effectively banning exports to all areas except Hong Kong and Macao. China's oil demand reached its third highest level ever in April as the spring ploughing season peaked, and analysts predict diesel consumption will rise further this summer as the country faces its worst power shortages since 2004.
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