CRAK - China tightens stranglehold on global oil product markets in May

In April, despite increased refining runs and reduced domestic demand, China saw oil product exports collapse year on year. May trade data, published Thursday, showed a continued reduction in exports, down 40% year on year and ~15% month on month:  Although reduced exports are sure to impact profitability for state-owned Chinese refiners, the policy has the benefit of reducing costs for consumers and industry, allowing Beijing to stimulate the economy without feeding inflation fears. The policy effectively exports inflationary pressure to the rest of the world, contributing in large part to gasoline prices at the pump nearing $5.00 in the US. And although consumers outside of China are sure to suffer from Beijing's policy, oil refiners are sure to benefit:  The President has reportedly asked US refiners to restart idle capacity; however, excluding a tiny refinery built in North Dakota, the last refinery built in the US was completed during the

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China tightens stranglehold on global oil product markets in May