Sinopec Slashes Refining Runs as Hormuz Disruption Squeezes Crude Supply

Sinopec, China's largest oil refiner, has cut its refining run rates by 10% (approximately 500,000 barrels per day) due to crude supply disruptions caused by traffic congestion in the Strait of Hormuz. The reduction is compounded by additional output losses from scheduled maintenance operations. Sinopec processes around 5.2 million barrels per day, representing roughly one-third of China's total refined petroleum product output.