China’s largest refiner, Sinopec, reported a significant slump in its full-year profit, falling 16% to $6.8 billion due to sluggish demand and potential peak oil consumption. The company’s net income dropped to 49 billion yuan in 2024, missing analysts’ expectations of 56.4 billion yuan, citing international reporting standards.
Source: https://www.bloomberg.com/news/articles/2025-03-23/sinopec-reports-slump-in-full-year-profit-as-headwinds-mount