China’s oil major Sinopec reduced its capital spending plan for 2020 and said it expected lower run rates this year because of the coronavirus outbreak, Reuters reported , citing a company VP. “Due to the impact of first and second quarter, our expectation of the full-year consumption of oil products will be negative growth,” Ling Yiqing said during an earnings call. “In terms of refining utilization rates in the full year 2020, due to the impacts of coronavirus outbreak and exports, our whole year number will be affected,” Ling added. Reuters notes that Sinopec reduced the run rates at its refineries to 66 percent in February, at the height of the coronavirus outbreak. The company said it would reduce its spending for the year by 2.5 percent, to some $20.2 billion, with the cuts landing mostly on its downstream operations. “Due to the coronavirus outbreak, Sinopec is adjusting the […]