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SINOPEC CORP: Geopolitical Situation Will Determine How Long Oil Prices Hover Above USD100
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During SINOPEC CORP (00386.HK)'s annual results meeting, Vice Chairman Zhao Dong revealed that this year's refining processing volume plan was formulated according to the company's normal production and operation plan, and it didn't factor in the impact of the war. Zhao stressed that SINOPEC CORP has promptly activated an emergency mechanism since the outbreak of the war. The company is closely monitoring the development of the situation and has already formulated multiple contingency plans. Regarding how long oil prices will remain above USD100 a barrel, Zhao noted that it mainly depends on the geopolitical situation, and it is currently difficult to predict. The group hopes for a quick end to the conflict and believes that the international community is actively mediating. If the tension can ease, oil prices could stabilize quickly. AAStocks Financial News |
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