Executives at listed energy giant said the anti-pandemic measures have led to higher product inventory compared with the start of the year

Beginning in August 2021, several Covid-19 outbreaks in China led to mobility restrictions, which in turn reduced domestic demand for petroleum products

The setback came as Sinopec reported an overall 25% rise in net income for the three-month period, a level last seen in the third quarter of 2020

China's request for lower volumes followed that of India, where at least two refiners had planned to buy less Saudi oil than usual in May

China will strictly control new capacity in its oil refining industry and will accelerate the elimination of inefficient and outdated production capacity, the industry ministry said

Binh Son says it is operating above capacity to address supply concerns as top petroleum firms plan to boost imports amid fears of a shutdown of the country's biggest refinery

Panjin Beifang Asphalt Fuel Co, Liaoning Bora Biological Energy Co and Panjin Haoye Chemical Co Ltd were found to have not paid fuel consumption taxes on refined oil products they sold