At their summit, President Donald Trump asked Chinese President Xi Jinping to boost refined-fuel production to stabilize global supply amid Iran war disruptions. AAA put Saturday diesel near $6.50 a gallon and gasoline near $4.49, as U.S. pump prices climbed.
China had restricted gasoline and diesel exports in March to protect domestic inventories, then eased the curbs in summer. Its refined-oil exports rose nearly 13% year over year, and jet-fuel exports reached a record in August, Reuters reported. The White House readout described Trump's request but reported no Chinese commitment to raise output.
Iran's continued control of the Strait of Hormuz has choked off a route that previously carried roughly one-fifth of the world's oil and gas supplies. Ukrainian drone and missile strikes on Russian refineries cut Russia's diesel production nearly 30% this year and forced cuts to foreign exports.
