Sinopec Diversifies Oil Supplies Amid Middle East Conflict
Sinopec, China's largest oil refiner, is diversifying its crude oil supplies from countries considered to have stable supplies. The move comes as a result of supply disruptions caused by the conflict in the Middle East.
The company will increase imports from Brazil and Africa, among other countries, according to Reuters. Sinopec executives outlined this plan during a performance briefing in Hong Kong on Monday (24 August), after reporting a 19% increase in net profit in the first half of 2026.
The company's oil processing output in the second quarter fell 17% from the first quarter, and domestic sales of refined fuels also dropped 18%. Sinopec's refining capacity needs to be around 4.52 million barrels per day throughout the year to keep processing volumes stable in the second half.