China Petroleum and Chemical Corporation, or Sinopec, saw its oil and gas production rise 0.3 percent year-on-year in the first half of this year, while crude processing volumes fell 5.6 percent. According to data released by the company, oil and gas output reached 235 million barrels of oil equivalent in the January-to-June period, with crude processing at about 4.8 million barrels per day. Natural gas production increased, but crude oil output edged lower. The decline in crude processing reflects sluggish domestic demand and shrinking refining margins.
China Petroleum & Chemical Corp Class ACrude processing down 5.6% due to sluggish domestic demand and shrinking refining margins.