Sinopec to Prioritize China’s Fuel Supply as Pressures Mount

China’s biggest oil refiner said it will prioritize ensuring domestic fuel supplies as it braces for a prolonged conflict in the Middle East.

State-owned China Petroleum & Chemical Corp., more commonly known as Sinopec, cut operating rates by 5% in March to conserve oil, as the difficulty of shipping crude through the Strait of Hormuz chokes supply, Vice Chairman Zhao Dong told an earnings briefing in Hong Kong on Monday.