Sinopec, China’s leading oil refiner, experienced a significant 16% decrease in annual profit for 2024. The company’s net income fell to 49 billion yuan, equivalent to $6.8 billion. This marks a decline from the previous year’s profit of 58.3 billion yuan. The drop in earnings is attributed to a weakening demand for oil within China and broader structural changes in the energy sector. These statistics highlight the challenges faced by major players in the oil industry amidst evolving market conditions.
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