By Admin 
China Bans Energy Export: Amidst the increasing tension in the Middle East and increasing uncertainty regarding oil supply, the turmoil in the global energy market has intensified. There is increasing concern about the availability of oil and gas in many countries, while the prices of crude oil are rising rapidly in the international market.
In such a situation, China has taken a big decision to prevent fuel shortage in the domestic market. According to the report of news agency Reuters, China has imposed a temporary ban on the export of refined oil in the month of March.
This instruction has been issued by China’s government organization National Development and Reform Commission (NDRC). Under this decision, the shipment of gasoline, diesel and aviation fuel abroad has been stopped.
Decision amid Iran war
This decision of Beijing has come at a time when the price of crude oil in the international market has crossed $ 100 per barrel due to the movement of oil tankers in the Strait of Hormuz.
However, the International Energy Agency (IEA) has also taken a big step to reduce the global energy crisis. The agency has said that its member countries will release 400 million barrels of oil from emergency reserves to deal with the supply crisis. It is being told that this is the sixth time after the 1973 Oil Crisis that the IEA has taken such a step to stabilize the global oil supply.
America also opened oil reserves
On the other hand, the United States has also decided to release 172 million barrels of crude oil from its Strategic Petroleum Reserve, so that the supply can be increased in the global market.
It is noteworthy that tension in West Asia increased on March 28 when Israel carried out air strikes on Iran. This conflict has been going on for almost two weeks now and if the war continues for a long time, it could have a major impact on global oil supply and prices.
Read this also: Rupee is shocked by the strength of dollar and rise in oil prices, it falls sharply and reaches record low.