Chinese Refining Giant Sees Profits Decline 20% As Fuel Demand Disappoints ...Middle East

China Petroleum & Chemical Corporation, or Sinopec, reported this weekend a 20.1% decline in its net profit for the first half of 2023, amid lower international crude oil prices and weaker-than-expected fuel demand recovery in China. The net profit of Sinopec, the world’s top refiner by capacity, fell to $4.82 billion (35.11 billion Chinese yuan) from January to June, compared with a profit of $6 billion (43.9 billion yuan) for the same period of 2022. The average spot price of Brent was $79.8 per barrel in the first half of this year,…

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