Sinopec will increase oil sourcing from Brazil, Africa and other regions to manage supply disruptions caused by the Middle East conflict, company executives said after the Chinese refiner reported its interim results. The company’s first-half net profit rose 19% despite its exposure to disrupted supplies and government restrictions on passing higher oil prices to consumers. Sinopec said it would deepen ties with stable producers including Saudi Arabia and the United Arab Emirates. Chairman Hou Qijun said Sinopec would try all possible means to secure crude, including supplies from Saudi Arabia’s Red Sea port of Yanbu and UAE exports transported by pipeline to loading points outside the Gulf. Sinopec President Wan Tao said the company held enough crude for 20 days of processing and refined fuel for 15 days of sales, while declining to detail its use of government-controlled stockpiles beyond saying it would follow reserve-access rules. Second-quarter refinery throughput fell 17% from the first quarter, while domestic refined-fuel sales dropped 18%. Reuters calculations indicate that maintaining flat processing volumes in the second half would require annual crude throughput of about 4.52 million barrels per day, 10% below 2025 levels. Sinopec also plans to allocate about 20% of its capital spending, or more than 30 billion yuan annually, to new energy and new materials from 2026 to 2030 as it confronts declining fuel demand and petrochemicals overcapacity. Company officials said China’s oil consumption may have peaked last year and that refined-fuel use is expected to fall 8% this year after a similar year-on-year decline in the first half, exceeding the forecast 4%-5% drop.