Sinopec plans to cut crude runs by over 10% on Mideast supply squeeze

China's Sinopec, the world's ​biggest refiner by capacity, aims to cut throughput this month by more than 10% from its original plan ‌in response to a crude supply gap caused by the war in the Middle East, two sources familiar with its operations said, Report informs via Reuters.

The cuts by state-owned Sinopec, which accounts for a third of China's refinery output, are part of Beijing's widening measures to curb oil supply disruptions due to Iran's ​blockage of the Strait of Hormuz, a conduit for 20% of the world's oil.

Throughput is likely to fall by ​600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that ⁠the cuts exclude losses from plant maintenance planned before the Israel-US war on Iran began on February 28.

A Sinopec representative said the ​company does not comment on operational matters.

Sinopec imports roughly 4 million bpd of crude oil, of which 2.4 million bpd come from ​the Middle East, including regular shipments under yearly contracts from Saudi Arabia, Kuwait, Iraq and Qatar.

China, the world's biggest oil importer, brought in 11.55 million bpd last year, roughly half from the Middle East.