Friday, April 22, 2011

China Petrochemical Corp Shuts down Oil Exports

Sinopec Halts Fuel Exports on Shortage as Refiners Make Loss

Sinopec Halts Fuel Exports to Ensure Domestic Supply Amid Refining Losses

An attendant waits for customers at a China Petrochemical Corp. gas station in Shanghai. Photographer: Kevin Lee/Bloomberg

China Petrochemical Corp., Asia’s biggest oil refiner, halted fuel exports to ensure domestic supply as high crude costs and retail price caps cause private refiners to cut back on production. (Source: Bloomberg Report)

Interesting events taking place very rapidly. China is shutting down oil exports due to their own concerns over the war in Libya and future gasoline shortages. This should be a sign of what is to soon come to the oil and gasoline markets. Get ready for sky high gas prices this year. Buyer beware.