China's Sinopec, the world's largest refiner by capacity, plans to reduce its crude output by more than 10% from its original plan due to a shortage of crude oil caused by the Middle East war. The move is part of Beijing's efforts to prevent oil supply disruptions due to Iran's Strait of Hormuz, a conduit for 20% of the global oil market. The planned cuts represent a decline of 11% to 13% from an initial plan to process 5.2 million bpd in March. Additionally, SinopEC's Zhenhai Refining and Chemical Corp has reduced operation rates at both its steam crackers to around 70-80% of their combined capacity.