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China's Sinopec sees 16% drop in profit as demand for oil wanes

Seeking Alpha · last updated
Sinopec petrol gas station in Qingdao,China

Haiqing Zhong/iStock Editorial via Getty Images

China’s top oil refiner, Sinopec (OTCPK:SPTJF), reported a double-digit drop in annual profit for 2024, citing weakening domestic oil demand and structural shifts in the energy market.

Net income for the year declined 16% to 49 billion yuan ($6.8 billion), down from 58.3

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