China Tightens Fuel and Helium Export Controls Amid Middle East Conflict

China has maintained strict oversight of refined fuel exports despite recent easing of quotas, requiring state-owned refiners to keep inventories above a February baseline and limiting shipments to allocated quotas. The policy, outlined by former oil executive Fu Chengyu, aims to secure domestic consumption as tensions between Washington and Tehran rise.

On July 10, Beijing also imposed an immediate temporary ban on helium exports, citing urgent domestic needs under its Foreign Trade Law. China, which imports 85‑95% of its helium – mainly from Qatar – acted as disruptions to Qatari supplies grew amid the US‑Iran confrontation. Helium is vital for semiconductor manufacturing, affecting chip production costs and, indirectly, crypto‑mining hardware prices.