Falling Chinese Demand May Be OPEC’s Biggest Dilemma

While OPEC is trying to ‘fix’ the supply side of the oil market, demand at one of the world’s top refiners is faltering in the summer—a season on which the cartel is pinning its hopes to speed up the drawdown in global oversupply. China’s state refiner China Petroleum & Chemical Corporation, also known as Sinopec, is reducing its oil refining output by around 240,000 bpd between June and August—the peak season—due to weaker fuel demand and stiffer competition from privately owned independent Chinese…