Oil and Energy · Full chronicle and history

Affected by National Development and Reform Commission (NDRC) oil price limits and low inventory levels, reports circulated online on October 29 that diesel shortages erupted across multiple regions nationwide, with gas stations implementing temporary rationing or suspending sales.

Recently, diesel shortages have erupted in places including Hebei, Shandong, Zhenjiang in Jiangsu, Huangmei in Hubei, Daguan in Yunnan, and Shenzhen. Many gas stations have announced temporary rationing or even suspension of diesel sales, with per-vehicle refueling limits generally capped between 100 to 500 yuan or a maximum of 100 liters.

[Follow-up · October 28, 2026] On October 28, netizens across the country reported that diesel is being rationed or is unavailable. Industry insiders analyze that government price caps have led to a price inversion between wholesale and retail, making gas stations and refineries unwilling to produce or sell at a loss. Compounded by international supply tensions due to conflicts in the Middle East, diesel prices have risen sharply.

On October 26, a netizen in Heilongjiang filmed a video showing farm machinery and vehicles queuing up at a gas station, stating that diesel fuel is currently extremely hard to come by.

President Trump on Thursday accused Iran of fabricating incidents of ships being attacked in the Strait of Hormuz, intending to push up oil prices before the U.S. midterm elections, and noted that oil shipments are currently higher than before the conflict broke out.

US Senator Marco Rubio stated in public remarks that an attack on energy vessels occurred in the Black Sea region months ago. Rubio said that US companies had complained to him, pointing out that the ships attacked by Ukraine were carrying oil belonging to US companies. The remarks sparked discussion about Ukraine's military operations and their impact on US commercial interests.

According to Twitter user @__Inty__, Iran's main oil loading terminal has gone weeks without a single tanker docking. The post notes that there are growing signs that the U.S. Navy's blockade operation is substantially obstructing Tehran's crude oil exports, bringing its oil shipments to a standstill.

French President Macron began a three-day visit to Gulf states on October 19, 2026, aiming to secure additional oil and diesel supplies for France. Domestic fuel prices in France continue to rise amid the US-Iran war and disruptions to shipping through the Strait of Hormuz. Macron had already met with the Emir of Kuwait on Monday, and his itinerary will subsequently take him to the United Arab Emirates, Bahrain, and Qatar.

According to @clashreport, Bessent, speaking on the Russia issue, pointed out that the UK in May exempted the ban on diesel and jet fuel made from Russian crude oil, and questioned why there was no outrage over this practice in other parts of the world, while noting that Ukrainian President Zelensky had not criticized his European partners.

Turkish Energy Minister Alparslan Bayraktar said that Turkey will receive part of the diesel that Russia releases to global markets under the recent agreement reached with the United States. As previously reported, former US President Trump announced the deal on October 9, under which Russia will supply more than 1.8 million tons of diesel to global markets.

According to a statement released by the Navy of Iran's Islamic Revolutionary Guard Corps, a supertanker carrying more than 2 million barrels of crude oil struck a naval mine in the Strait of Hormuz, immediately triggering a massive explosion and fire. The specific casualties and follow-on impact of the incident remain to be further verified.

US Democratic Representative Gregory Meeks officially submitted a bill on October 17, 2026, seeking to halt the diesel deal between Trump and Putin and to further escalate sanctions on Russia's energy sector.

According to clashreport, Iran carried out precision strikes on energy and industrial networks in the Persian Gulf, paralyzing key equipment, a move that strengthens Tehran's economic leverage and negotiating chips in the face of US military superiority.

According to @clashreport, the Trump administration is considering easing sanctions on tankers from the "shadow fleet" that have been used to transport Russian, Iranian, and Venezuelan oil. The move is aimed at reducing record-high shipping costs, and the proposed plan would allow sanctioned vessels to transport oil outside the scope of sanctions with a license from the U.S. Treasury Department.

According to @__Inty__, the Trump administration is considering easing sanctions on tankers from the “shadow fleets” of Russia, Iran, and Venezuela, aiming to drive down record-high shipping rates. The plan would require each tanker to obtain a license from the U.S. Treasury Department individually, and would only allow the transport of non-sanctioned crude oil and refined products (including cargo sourced from the Persian Gulf). Sanctions on Russian and Iranian oil themselves would remain unchanged.

After Yemen's Houthi forces attacked Saudi Aramco's headquarters, they threatened to carry out further attacks; Saudi Arabia's energy ministry confirmed that the building was hit and a limited fire broke out.

According to two senior Iranian officials, Iran has adopted a new strategy to step up attacks on commercial vessels inside and outside the Strait of Hormuz, aiming to keep oil prices high ahead of the US midterm elections in November. The strategy includes more frequent attacks.

According to a post by X account @__Inty__, Iran-backed Houthi forces launched attacks on multiple locations across Saudi Arabia using missiles and drones, including a strike on the headquarters of Saudi oil giant Saudi Aramco.

According to X account @clashreport, Italian Prime Minister Meloni has taken a stance on the Russian diesel trade, stating that the results of this decision are questionable and the risks are clear. She believes this move not only legitimizes Moscow and funds its war against Ukraine, but also undermines Western sanctions, contradicting the overall Western position.

According to two senior Iranian officials, Iran has changed its strategy of attacking ships in the Strait of Hormuz, aiming to drive up oil prices before the U.S. midterm elections in November in order to exert influence.

US President Trump announced on the evening of October 14 Beijing time that preparations were under way for a "large-scale exploration" of Greenland's oil, natural gas and mineral resources. Three weeks earlier, the United States and Denmark's Greenland had signed a security agreement bringing the autonomous territory into the US sphere of influence.

U.S. President Trump said on Truth Social that he spoke with Russian President Putin and the two agreed that Russia will supply a total of several million tons of diesel in batches to the United States and global markets.

U.S. President Donald Trump announced an agreement with Russian President Vladimir Putin under which Russia will supply large volumes of diesel to global markets to push oil prices down, noting that the two sides are maintaining cooperation.

Facing massive breach-of-contract damages and a crisis of international credibility, the CCP on October 8 approved continuing to fulfill exports under refined oil contracts totaling 3.7 million tons and worth US$4.5 billion that had already been signed in October.

Saudi Arabia's energy minister said that Red Sea oil exports and oil shipments through the East-West Pipeline affected by the attacks have resumed, with export volumes reaching 5.8 million barrels.

Starting from National Day on October 1, the Chinese Communist Party (CCP) issued stricter restrictions: apart from ensuring flights to Hong Kong and Macau and some marine fuel, all exports of refined oil products such as diesel and gasoline have been halted, and all signed contracts have been cancelled.

On October 1, Reuters cited four sources reporting that Chinese oil refiners have suspended refined oil exports to regions outside Hong Kong and Macau in October to prioritize domestic inventory. PetroChina has canceled some October export shipments, and Zhejiang Petrochemical has not scheduled any refined oil exports during the week of the National Day holiday, with uncertainty remaining over whether they will resume after the holiday.

On September 25, a blowout occurred at the Gumere W8 well in Niger, operated by a subsidiary of CNPC. Crude oil and natural gas sprayed more than 10 meters into the air, the integrity of two other wells on the same platform was affected, and two employees were injured and hospitalized.

At a State Council press conference on September 22, Vice Minister of Natural Resources Zhou Xing announced a nationwide mineral exploration campaign targeting petroleum, iron, copper, and aluminum.

Trump stated on Truth Social that oil is flowing through the Strait of Hormuz and that countries dependent on Gulf oil should pay the United States to compensate for the U.S. military's efforts in guiding and assisting merchant ships through the waterway.

On September 14, the G20 energy meeting opened in Houston, Texas, United States, and will run through Wednesday, focusing on expanding energy supply, stabilizing markets, and reducing the impact of the Middle East crisis on global energy. U.S. Energy Secretary Wright and Interior Secretary Burgum are expected to attend, along with representatives from major economies including China, India, Japan, Germany, and Saudi Arabia.

U.S. President Trump said on social media that a Ukrainian drone attack caused a Russian diesel refinery to be bombed and temporarily shut down, and he said the war must end.

According to the Financial Times, over the past several months U.S. military divers, unmanned vessels and specialized submersibles carried out mine-clearing operations in the Strait of Hormuz at night. The International Maritime Organization said Iran laid about 80 mines; Trump announced that all of them have been cleared or detonated, and the U.S. military confirmed this. Iran rejected the U.S. claims, and U.S. Central Command denied rumors that a tanker struck a mine.

On September 1, 2026, Nikkei Asia reported that in the second quarter of 2026, China's three major state-owned airlines — Air China, China Southern Airlines and China Eastern Airlines — posted prominent losses amid rising oil prices and exchange rate fluctuations because they had done almost no jet fuel hedging.

According to Reuters, China's jet fuel exports reached 2.55 million tonnes in August 2026, setting a single-month record, after which China shifted to suspending refined oil exports to replenish domestic stocks.

The United States and Saudi Arabia announced that they have reached a civilian nuclear energy cooperation agreement. Trump has approved the agreement, and it is expected that the U.S. government will submit it to Congress for review.

Iraqi Prime Minister al-Zaidi visited the White House, discussed oil and bilateral deals with Trump, and sought U.S. investment in Iraq's oil, natural gas, and electricity sectors.

After Putin's visit to China and his promise to increase oil supplies to China, CCP China eased refined oil export restrictions in June, resuming some external contract fulfillment.

Iranian officials stated that they seized a Barbados-flagged tanker, Ocean Koi, carrying Iranian oil in the Gulf of Oman. The vessel is managed by a company in Pudong, Shanghai, and had previously been sanctioned by the United States.

The UAE Minister of Energy announced a formal withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus alliance effective May 1, aiming to prioritize national interests and increase production flexibility.

Affected by the situation in the Middle East and the energy supply chain crisis, the CCP central government issued a document on March 5, requiring all companies exporting gasoline and fuel to temporarily suspend signing refined oil export contracts with other countries.

In July 2004, Sinopec's Beijing branch and Beijing Shouchuang Petroleum Investment Co., Ltd. jointly established a joint venture with a registered capital of 1 billion yuan; the former invested 700 million yuan in the physical assets of 123 gas stations, while the latter contributed 300 million yuan and planned to build 60 new gas stations.

After the 1973 international oil crisis broke out, the dividends of Taiwan's traditional economic model came to an end. The Chiang Ching-kuo government turned to issuing government bonds to launch the Ten Major Construction Projects, which subsequently led to the birth of the Hsinchu Science Park and TSMC.