China’s Top Oil Refiner Cuts Activity by 10% as War Hits Supply

China’s biggest oil refiner Sinopec has trimmed run rates as the widening Middle East war and difficulties shipping through the Strait of Hormuz choke supplies of crude.

The state-owned company is reducing total processing by about 10% from its original plan for this month, according to people familiar with the situation. The cuts exclude production losses from ongoing planned maintenance, they said, asking not to be named as the matter is private.