Higher Oil Prices Lift Sinopec Profit 28% in First Quarter

China’s top refiner posted a strong first quarter as higher crude prices lifted inventory values and stable domestic fuel sales helped to offset pressure from disrupted Middle East supply. China Petroleum & Chemical Corporation (Sinopec) reported first-quarter net income of 17 billion yuan ($2.

49 billion), up 28% from a year earlier, according to a Shanghai exchange filing. The results land as major oil companies begin showing how the Iran-driven supply shock is feeding through earnings. Throughput at Sinopec slipped 0.